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Pakistan's Tax Take 'Remains On Track'

by Mary Swire,, Hong Kong

03 January 2018

Pakistan's Federal Board of Revenue announced on December 31 that, at the half-way mark this fiscal year, it still expects to achieve its annual revenue collection target of PKR4 trillion (USD36.2bn).

In a statement, the FBR said: "During the first half of the current financial year, FBR has recorded provisional net revenue collection of over PKR1.72 trillion as against PKR1.46 trillion collected during the same period of the previous fiscal year... an increase of around 17.5 percent over the revenue collected during the corresponding period of last fiscal year."

As revenues are less than half the target, revenue collections in the second half of the year must improve. Pakistan has recently increased efforts to boost taxpayer numbers and revenues though.

During the latter part of 2017, Pakistan's tax agency launched a number of initiatives to boost compliance rates, including enlisting large companies to pressure their employees into complying with their individual tax obligations.

In addition, the tax agency has provided assistance to more than 50 large corporations, financial institutions, and companies headquartered in the country, as it was said "a majority of their employees with taxable income are failing to fulfill a national obligation by not filing their income tax returns."

TAGS: Pakistan | compliance | tax | tax compliance | tax avoidance | individual income tax

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