Pakistan’s government has crafted an alternative plan to address a recent tax shortfall without resorting to a mini-budget, according to sources cited by ARY News. The Federal Board of Revenue (FBR), led by Chairman Rashid Langrial, has been tasked with developing strategies to increase tax revenues after Prime Minister Shehbaz Sharif rejected a proposal for further tax hikes on the salaried class.
FBR Chairman Langrial is set to hold critical negotiations today, focusing on implementing measures to close the revenue gap. These talks are expected to cover key initiatives under FBR’s Transformation Plan, the Track and Trace system, and the Retailers’ Scheme.
The Transformation Plan aims to modernize FBR’s operational framework, bringing it up to international standards and improving efficiency in tax collection. The Retailers’ Scheme, another key point of discussion, would facilitate data sharing of registered traders with the International Monetary Fund (IMF), fostering greater transparency and accountability in the sector.
According to FBR sources, the agency fell short of its tax collection targets between July and October, missing an anticipated PKR 17 billion in revenue from traders. The new strategy seeks to bridge this gap by enhancing tax compliance and leveraging technology to streamline collection processes.
The FBR is working to boost tax revenue without imposing additional burdens on the public. The government is optimistic that these measures will help stabilize the national budget and maintain economic momentum, while officials continue discussions to ensure the country’s fiscal goals are met.
