AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad, The Special Investment Facilitation Council (SIFC) is actively pursuing reforms within Pakistan’s Federal Board of Revenue (FBR) to widen the tax base and implement a robust track and trace system. This initiative comes in response to the considerable gap between the country’s tax collection potential and its current targets, highlighting systemic inefficiencies that require urgent attention.
According to Ministry of Information and Broadcasting, Pakistan’s tax collection potential is estimated at twenty-four trillion rupees, significantly higher than the current target of nine trillion rupees. The shortfall, attributed to corruption, incompetence, and negligence within the system, represents a lost opportunity to fund critical infrastructure and services, such as hospitals, schools, universities, and roads.
Recent recommendations from the World Bank and the International Monetary Fund have emphasized the need for Pakistan to improve its tax system to alleviate financial pressures. Effective tax collection is crucial not only for maintaining government operations but also for supporting socio-economic development across the country.
Prime Minister Shehbaz Sharif has expressed a strong commitment to increasing tax revenue. In line with this goal, the SIFC is closely collaborating with the government to ensure the successful implementation of these necessary reforms.