ISLAMABAD: The government is preparing to take action against non-taxpayers, including measures such as blocking utility services and restricting international travel.
At a press conference, Finance Minister Muhammad Aurangzeb stated that the government has comprehensive data on non-taxpayers, including retailers, which will be utilized to bring them into the tax net. This initiative is part of the government’s commitment to comply with the conditions set by the International Monetary Fund (IMF) for a new $7 billion package, which includes several stringent requirements.
In response to a question, the Finance Minister announced plans to hire 2,000 chartered accountants to enhance the audit efficiency of the Federal Board of Revenue (FBR), which is currently facing a significant shortfall in its revenue targets. New revenue measures will be implemented to address this issue.
Prime Minister Shehbaz Sharif, who recently met with the Managing Director of the IMF in New York, expressed gratitude for her role in approving the new Extended Fund Facility (EFF) of $7 billion. He assured her that the government would honor its commitments regarding necessary reforms.
The Finance Minister noted that tax return filings have doubled from last year’s 1.6 million to 3.2 million to date. Last year, there were 300,000 new filers; this number has now risen to 723,000.
The government’s focus remains on increasing the country’s exports, which are vital for earning foreign exchange. The Prime Minister is personally overseeing regulatory meetings aimed at this goal.
During the first two months of the 2024-25 fiscal year (July-August), exports grew by approximately 14%, driven by substantial increases in rice and textile exports. However, there are concerns that this positive momentum may not continue.
