ISLAMABAD: The Federal Board of income (FBR) rejected the mini-budget and expressed confidence in reaching its income goals in spite of the difficulties that lie ahead, according to a story published in The News on Thursday.
The tax collection agency had earlier planned to present a mini-budget with the intention of raising about Rs650 billion in income, mostly through enforcing stricter laws against tax evasion and raising general sales tax (GST) on real estate, vehicles, and other goods.
Senator Saleem Mandviwalla headed the Senate Standing Committee on Finance and Revenue meeting, where FBR Member Policy Hamid Ateeq Sarwar acknowledged the challenge of fulfilling the fiscal year’s tax target of Rs12.97 trillion.
Sarwar pointed out important obstacles, such as difficulties hiring new employees and carrying out audits. 2.5 million of the 6 million taxpayers who are currently registered do not make any tax contributions. He added that there would be no extension of the tax return filing deadline by the government.
