Monday , March 30 2020
Breaking News
Home / Islamabad / FBR trying hard to bring undocumented economy into tax net
FBR trying hard to bring undocumented economy into tax net

FBR trying hard to bring undocumented economy into tax net

ISLAMABAD: Around half of the country’s economy is undocumented and Federal Board of Revenue (FBR) is trying hard to document that economy and bring it into the tax net, it is learnt here.

Official sources told Customs Today that FBR is focusing on the undocumented economy and bringing this economy into the tax net will increase the direct tax revenue to Rs1,000 billion a year.

Sources also told that FBR is planning not to increase tax burden on the current taxpayers while making polices to broaden the tax net and bring those people who are not in the tax net especially those who are leaving luxurious life with huge properties and assets.

Sources also added that FBR is currently finalising a strategy to decrease the debt-to-gross domestic product (GDP) ratio which is now more than 70% showing that Pakistan is still in economically crisis situation.

It is also important to mention here that over 1.4 million taxpayers have submitted their annual income tax returns for tax year 2018-19 while more than 340,000 people, which were earlier on the Active Taxpayers List (ATL), are not paying taxes.