Ishaq Dar directs FBR to increase efforts to achieve ‘true tax potential’

• Asim Ahmad, the FBR chairman welcomed the minister on behalf of the FBR team.
• The chairman gave the presentation and explained various revenue initiatives taken by the FBR and issues currently being faced in revenue administration.
• FBR has successfully achieved its monthly targets for the months of July and August, 2022.

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Ishaq Dar on Thursday advised the Federal Board of Revenue (FBR) team to position themselves to the quick changes in economic outlook and increase its efforts to achieve the true tax potential.

He said this during his visit to the FBR. On this occasion, he presided a meeting on the revenue performance of the FBR. The FBR chairman and Members of the Board attended the meeting.

Asim Ahmad, the FBR chairman welcomed the minister on behalf of the FBR team. The chairman gave the presentation and explained various revenue initiatives taken by the FBR and issues currently being faced in revenue administration.

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It was briefed to the minister that the FBR has successfully achieved its monthly targets for the months of July and August, 2022 and In Sha Allah will also achieve the quarterly target up to September, 2022. This performance is despite the slowing down of economy in September due to floods, import contraction and shrinking of demand because of inflation in the country as well as no sales tax on POL products.

The finance minister appreciated the FBR team for their efforts in meeting the targets. He assured the team that he would extend full support in the performance of their duties and would engaged with them frequently.

Ishaq Dar especially appreciated the work done by the FBR in terms of increasing the share of direct taxes (income tax and capital value tax) in the total share of taxes as compared to last year through important tax measures taken this year for taxing the rich.

He also highlighted the importance of taxpayers’ engagement in devising tax policies and revenue collection efforts.