No negligence will be tolerated in achieving the goals for Pakistan’s bright economic future, says Shahbaz Sharif
Islamabad: Prime Minister Shehbaz Sharif has directed to digitize the production of all industries, including defaulters, and bring them into the tax net.
A weekly review meeting on the digitization and other reforms of the Federal Board of Revenue (FBR) was chaired by Prime Minister Muhammad Shehbaz Sharif, in which the Prime Minister appreciated the efforts of the Ministry of Finance and the FBR for a 42 percent increase in federal tax revenues in the year 2024-25 compared to the last 10 years.
A briefing given on the occasion said that in the fiscal year 2024-2025, a total of Rs 865 billion in additional revenues were collected compared to the previous year through reforms and implementation of tax laws, which is a historic increase of 8 times. The overall tax to GDP ratio in the fiscal year 2024-25 was 11.3 percent, which is 1.5 percent more than the previous year.
The Prime Minister said that the same diligence should be shown in the collection of revenues and achieving other economic targets in the new fiscal year and no institutional laxity will be tolerated in this regard. All institutions should work with full dedication in this regard. No negligence will be tolerated in achieving economic targets for the bright economic future of Pakistan.
Shahbaz Sharif said that he is personally monitoring all stages of revenue collection and economic targets. He directed the FBR officers that in collecting revenues and performing its duties, the FBR should treat the public with respect and dignity. All government institutions should fully cooperate with the FBR for the development of the country’s economy.
The Prime Minister directed that the Track and Trace Digital Production System should be included in the production and delivery stages of goods so that all production can be brought into the tax net. Tax defaulters and the production process of all industries should be digitized and brought into the tax net.
Shahbaz Sharif directed to further expand the scope of FBR’s Point of Sale (POS) system in the retail sector and congratulated the participants of the meeting on the approval of the budget for the next fiscal year.
In the meeting, the Prime Minister was briefed on the progress of reforms in the FBR. The Prime Minister said that the FBR should keep all doors open to provide complete facilities to the business community and taxpayers.
The Prime Minister was informed in the briefing that the Track and Trace Digital Production System has been fully implemented in sugar, tobacco and fertilizer so far and will be fully implemented in cement and other industries soon. The meeting was attended by Federal Minister for Information and Broadcasting Attaullah Tarar, Federal Minister for Law Azam Nazir Tarar, Chairman FBR and other senior government officials.
