Islamabad: During the first two months of the current fiscal year, the Federal Board of Revenue (FBR) received Rs. 434 billion in revenue. In all, the tax department collected Rs. 850 billion in two months against a target of Rs. 690 billion, which is Rs. 160 billion higher than the given objective, he said.

Read More: Cement manufacturers, other businesses ordered to get register with FBR

The chairman further stated that the FBR issued Rs. 364 billion in reimbursements in addition to receiving Rs. 4721 billion in income in 2021. He noted that they are working closely with the World Bank on reform implementation.

In response to a query, Ahmed stated that issuing notifications to taxpayers is the duty of the tax administration. He stated that the FBR will take action against anyone who have undeclared or unexplained foreign assets.

The Federal Bureau of Revenue (FBR) acquired information from the Organization for Economic Cooperation and Development (OECD) and issued alerts to the public based on it.

Read More: PM Khan applauds FBR record tax assemblage in July 2021

In terms of FBR reforms, he stated that Pakistan has formed 16 reform commissions and that restructuring, rather than reforms, is urgently required. He said, “We want to do better for the country and will improve the tax system.”

He ended the meeting by denying any relation between the data hacking fraud and the firing of Pakistan Revenue Automation Private Limited (PRAL) Chief Executive Officer (CEO).

Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City.