The Federal Board of Revenue (FBR) is set to introduce stringent enforcement measures targeting compliant taxpayers as part of its strategy to meet the ambitious tax collection target of Rs. 12.97 trillion for the current fiscal year. These measures include restricting cash withdrawals to Rs. 30 million annually for taxpayers.
Under the new regulations, individuals with an income exceeding Rs. 10 million will be allowed to purchase cars but must provide proof of income before acquiring property. Those earning less than Rs. 10 million will need to justify their income before making any purchases of cars, plots, or investments in securities and mutual funds.
These initiatives are part of the federal government’s broader efforts to achieve its fiscal goals, despite a significant revenue shortfall in the first quarter of the fiscal year. The FBR aims to collect an additional Rs. 450 billion through these complex enforcement measures.
Prime Minister Shehbaz Sharif has ruled out the introduction of a mini-budget, despite the financial challenges. Meanwhile, Finance Minister Muhammad Aurangzeb is scheduled to meet with International Monetary Fund (IMF) officials next week to discuss the country’s economic situation and explore ways to avoid further economic difficulties.
As inflation, growth projections, and enforcement measures remain in the spotlight, the FBR is confident in its ability to meet its targets. However, the pressure on both compliant taxpayers and non-filers is expected to intensify significantly in the coming months.
