[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]In response to the latest assessment by the International Monetary Fund (IMF), the Federal Bureau of Revenue (FBR) in Islamabad is gearing up for a comprehensive nationwide crackdown on individuals who have failed to file their taxes. FBR officials have taken a decisive step by issuing final notices to hundreds of thousands of non-filers, cautioning them about severe repercussions. These consequences include the disconnection of essential services such as electricity, gas, and suspension of mobile SIM cards, with the enforcement scheduled to commence on January 15, 2024.
In a concerted effort to broaden the tax base, the FBR has empowered 145 district tax officers with special authorities across the country. Their mandate is to bring approximately 1.5 million individuals into the tax net during the current fiscal year. A stringent course of action is anticipated against those who fail to fulfill their tax obligations, signaling a robust stance by the revenue authorities.
Read more : Interim Govt Approves Comprehensive Restructuring Plan for FBR
The proactive measures by the FBR align with the IMF’s overarching strategy to enhance tax compliance in Pakistan. This initiative follows the completion of the first review of Pakistan’s economic reform program, supported by the Stand-By Arrangement (SBA) with the IMF. The International Monetary Fund’s Executive Board approved the program, resulting in the immediate disbursement of SDR 528 million (approximately US$ 700 million), bringing the total disbursements under the SBA to US$ 1.9 billion.
The IMF’s endorsement is rooted in the staff-level agreement reached between the Fund and Pakistan on November 15, 2023. This agreement underscores Pakistan’s commitment to implementing crucial reforms. The approval from the IMF Executive Board acknowledges the persistent efforts of caretaker Finance Minister Shamshad Akhtar and Army Chief General Asim Munir.
It is noteworthy that the ongoing IMF program, amounting to $3 billion, is slated to conclude in the second week of April 2024, with approximately $1.8 billion yet to be disbursed. The initial tranche of $1.2 billion was released by the Fund in July, reflecting a phased approach to financial support aligned with the implementation of key reforms in Pakistan.[/vc_column_text][/vc_column][/vc_row]
