ISLAMABAD (Web Desk) – A team of technical experts of the International Monetary Fund (IMF) has arrived in Islamabad for expansion of the tax net of the country.
The Federal Board of Revenue (FBR) said during the weeklong consultations, the delegation would provide assistance on increasing tax efficiency.
The Fund has started work on enhancing the tax-to-GDP ratio to 15 percent. The team has also demanded to bring the elite class into the tax net.
The consultations are also underway to bring retailers into the tax net and the lender will provide policy guidelines for the proposed scheme.
The target is to bring 1-1.5 million people into the tax net by June 2024, while the number of taxpayers will be taken up to 6.5 million by then.
Moreover, third party data and technology would be used to expand the net, the officials said.
Previously, it was reported any amendments proposed to the tax policy as a result of the discussions will be put in action from the new budget.
Sources said around a week ago that negotiations to improve the tax policy and its implementation would continue for a week after the arrival of the IMF technical delegation to Pakistan next week.
The sources said the delegation would review measures to increase tax revenue, and hold policy discussions with the FBR.