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PM seeks comprehensive plan from FBR to expand tax net

PM seeks comprehensive plan from FBR to expand tax net

ISLAMABAD: The PTI-government has decided to evolve a comprehensive strategy for nationwide tax assessment and documentation drive to bring affluent people and untapped sectors in the net.

According to media, Prime Minister Imran Khan has tasked the FBR to submit with a detailed plan until Nov 30, which will envisage measures to be implemented over the next two years.

The documentation drive will assist in ascertaining untapped segments including businesses, real estate and industries. “The premier asked the Federal Board of Revenue that proposals in this regard should be evolved within the prescribed timeline,” a senior tax officer said.

On Oct 3, the prime minister held a meeting with top officials to review various proposals related to the raising of domestic taxes. He said that correct taxation measures should be taken with prompt implementation instead of engagement in extended impasses.

As part of the drive, it was also decided to adopt CNIC as a common identifier akin to social security number in western countries for all business transactions. The deadline set for adoption is June 2020.

It was noted that data consolidation and documentation of economy is a key responsibility of all public and private sector organisations such as financial institutions, utility companies. The meeting ordered Ministry of Law and Justice, in consultation with the State Bank of Pakistan, to propose necessary amendments by Dec 31 in banking laws and regulations for ensuring real-time data sharing of financial transactions with FBR.