ISLAMABAD: The Federal Board of Revenue (FBR) is planning to bombard compliant taxpayers with new enforcement measures that will prevent them from withdrawing more than Rs. 30 million in annual cash.
As per the details, filers who earn over Rs. 10 million in income will only be permitted to purchase cars, while they would need to give proof of their source of income before buying property.
Those earning less than Rs. 10 million will be required to justify their income before making any purchases of cars, plots, or investments in securities and mutual funds.
The federal government wants to do everything within and beyond its powers to achieve the unrealistic tax target for this fiscal year. 12.97 trillion. Through FBR, it aims to raise Rs. 450 billion by implementing complex enforcement measures as mentioned above.
Prime Minister Shehbaz Sharif has refused to introduce a mini-budget despite a significant decrease in revenue in the July-September quarter. Finance Minister Mohammad Aurangzeb is expected to meet IMF officials next week, as the government tries to avoid further economic challenges.
By focusing on inflation, growth projections, and enforcement measures, the FBR is confident it can meet its targets, but the pressure on both taxpayers and non-filers is set to increase dramatically.
