KARACHI: With the aim to broaden tax net, the Federal Board of Revenue (FBR) has issued notices to 275,365 potential taxpayers, who have been identified through monitoring of withholding taxes.
Sources said that the Board has started a campaign to bring 700,000 new taxpayers into tax net during the current fiscal year.
The government has increased revenue collection target by 16 percent to Rs 3.95 trillion for the new fiscal year.
The FBR officials said the initiatives launched two years back to increase the business cost for the non-filers had yielded fruitful results and returns filing for the tax year 2015 jumped to 1.06 million by July 31, 2016 which was 880,000 in the tax year 2013. For the tax year 2014, FBR received a total of 1.04 million returns by April 2016.
They said that the FBR has estimated around 0.3 million new tax payers in its net from the recent changes in tax laws related to immovable property.
In the Finance Act, 2016 a number of changes have been introduced related to immovable properties and enhanced the rates for non-filer to encourage them to file their returns.
