ISLAMABAD: Pakistan and the World Bank Group have set 19 important goals for raising the country’s tax revenue up to Rs7,500 billion by June 30, 2024, under which the Federal Bureau of Revenue (FBR) is required to increase the tax collection from March 2019 (at 13% of the GDP i.e. Rs4,200 billion) to June 30, 2024 (at 17% of the GDP i.e. Rs7,500 billion).
As a result, this will increase the state’s tax collection by Rs3,300 billion from June 30, 2019, till June 30, 2024.
If the tax collection by the FBR reaches Rs5,500 billion by June 30, 2020, then the tax collection will be increased by Rs200 billion annually till June 30, 2024.
The Federal Ministry of Finance and the World Bank have outlined 19 key targets for this tax collection.
One of these important targets is to increase the number of tax filers in the same period from the existing 2.2 million to 3.5 million, thereby the 1.3 million new taxpayers will be added in the system.
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