Tax filers crosses the figure of 2 million for the first time
- FBR is stepping up efforts to bring the non-filers into the tax net.
- FBR is likely to issue notices to at least 0.1 million non-filers who own a house larger than 500 square yards or a vehicle over 1,000CC.
- The number of total tax filers stood at 2.2 million as compared to the previous 1.4 million.
Pakistan faces the grim economic crisis and fiscal deficit is one of them grilling the economic situations of the country. Tax filers ranging less than even less than 4 million in the country of more than 200 million is not a satisfactory figure but an increase in the number of tax filers is something that deserves appreciation. This has happened for the very first time that the number of tax-filers has crossed the figure of two million.
FBR is stepping up efforts to bring the non-filers into the tax net and for this purpose, the tax authority will issue the notices to non-filers after the stipulated time period which is currently scheduled for August 2. FBR is likely to issue notices to at least 0.1 million non-filers who own a house larger than 500 square yards or a vehicle over 1,000CC, Dawn news reported.
Currently, the number of total tax filers stood at 2.2 million as compared to the previous 1.4 million and FBR is eyeing to increase tax net up to 4 million by the end of this fiscal year. The tax collection authority has a high target to achieve in terms of tax collection as has already been stated by the premier in his speeches and to achieve this target, the tax authority needs to broaden the tax net.
The notices will be dispatched via cellphone messaging, email as well as by courier and these notices will be sent based on information collected by FBR. The penalty for the non-filers stands around 40,000 PKR. Also, the IMF advocates an increase in the revenue collection and to do away with the loss-making enterprises from the public sector.
Do you think that FBR will be able to meet the huge tax target set for the present fiscal year? Let us know in the comment section below