ISALABAD: The Federal Board of Revenue (FBR) has suggested drastic measures to prevent a potential shortfall in tax collection, including freezing bank accounts and imposing a ban on the purchase of property and vehicles for tax evaders, amid the government led by Prime Minister Shehbaz Sharif’s efforts to address its fiscal woes, as The News reported on Thursday.
In light of the enormous tax deficit that occurred during the first quarter of the $7 billion Extended Fund Facility (EFF) program as a result of the IMF’s program and the fact that 3.2 million retailers were excluded from paying taxes, the tax collection agency has prepared to impose severe taxes on millions of people.
The current administration presented a daring tax plan in its tax-heavy June budget, hoping to boost its chances of landing a new bailout agreement with the IMF. This is what happened, and the program is currently awaiting the Fund’s executive board’s approval.
