Islamabad, Sep 22: New enforcement procedures that will prevent compliant taxpayers from taking more than Rs. 30 million in cash yearly are being planned by the Federal Board of Revenue (FBR).
Filers who make more than Rs. 10 million a year would only be able to buy automobiles, and before they can purchase real estate, they must provide documentation of their income source. Before purchasing a car, a parcel of land, or making investments in mutual funds and equities, anybody generating less than Rs. 10 million will have to provide documentation of their income.
The unattainable tax target of Rs. 12.97 trillion for this fiscal year is being pursued by the federal government, which is willing to go above and beyond the call of duty. It wants to collect Rs. 450 billion through FBR by putting the previously indicated stringent enforcement mechanisms into place.
Prime Minister Shehbaz Sharif has ruled out presenting a mini-budget, despite a substantial income shortfall in the July-September quarter. The IMF will likely meet with Finance Minister Muhammad Aurangzeb next week as the administration tries to steer clear of more economic difficulties.
The FBR is still optimistic that it can accomplish its objectives since it is concentrating on inflation, growth estimates, and enforcement strategies; nonetheless, the pressure on both compliant taxpayers and non-filers is expected to rise significantly.
