Federal Board of Revenue of Pakistan lowers tax collection expectations
The Pakistani government has taken a multi-pronged approach to increase tax revenue. The first is a new tax item. It is planned to impose a 17% sales tax on clothing, carpets, leather, sports products and other commodities in fiscal year 2020. The second is to improve the level of tax collection and management, and it is planned to establish an information sharing linkage mechanism between relevant departments to force enterprises to register for tax. The third is to encourage consumers to certify their consumption receipts to the tax department, and those who pass the certification will be given a reward of 5% of the tax paid. The fourth is to adjust the tax targets and plan to reduce the tax burden on the physical manufacturing industry, focusing on high-asset and high-income groups.
However, the following factors restrict the Pakistani government from achieving its expected tax revenue expectations: First, information cannot be fully shared between relevant departments, and taxable and untaxed information cannot be fully understood. Business situation. Second, the collection and management resources are insufficient and the workload of grassroots personnel is too heavy, which seriously restricts the improvement of the collection and management level. For this reason, the Federal Board of Revenue (FBR) has timely adjusted its expectations and plans to complete the registration procedures for 10% of unregistered enterprises within 2 years; the tax collection will focus on high-income groups.
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