The Federal Board of Revenue (FBR) has confirmed that there are no plans for new taxation measures or a mini-budget in the fiscal year 2024-25.
During a briefing to the Senate Standing Committee on Finance, FBR Member Inland Revenue (Policy) Dr Hamid Ateeq Sarwar clarified that the prime minister has only approved enforcement measures targeting non-filers, nil-filers, and filers involved in under-reporting or mis-declaring income. These steps aim to strengthen compliance without introducing new revenue-raising measures.
He emphasized that no mini-budget is in the pipeline, and the deadline for filing income tax returns will not be extended beyond September 30.
He revealed that the number of return filers for the 2023 tax year has reached six million, with expectations for additional filings as the crackdown on non-filers continues. However, 2.5 million filers submitted zero-income returns, and the system will block financial transactions for these individuals until they clarify their income sources.
Dr Sarwar outlined the FBR’s strategy for meeting the revenue collection target for the first quarter of 2024-25. The target stands at Rs2,652 billion, with Rs50 billion expected from returns and additional revenue from advance tax payments, particularly from the corporate sector and banks, he said, adding that gas companies are scheduled to pay their taxes this month.
Additionally, the FBR plans to widen the scope of Tier-I retailers, adding standalone stores to the category, as part of its efforts to enhance tax compliance.
