The Federal Board of Revenue (FBR) is preparing to introduce new enforcement measures targeting compliant taxpayers, restricting them to an annual cash withdrawal limit of Rs. 30 million. Tax filers with incomes exceeding Rs. 10 million will only be allowed to purchase cars, with the requirement to prove the source of income before any real estate transactions. Those earning below Rs. 10 million must justify their income prior to making any investments in cars, plots, securities, or mutual funds. The federal government is determined to employ all possible measures to meet the ambitious Rs. 12.97 trillion tax target for the fiscal year.
Government Targets Rs. 450 Billion Through FBR’s New Enforcement Tactics on Tax Filers
FBR aims to raise Rs. 450 billion through these stringent policies, despite a revenue deficit in the July-September quarter. Although Prime Minister Shehbaz Sharif has dismissed the idea of a mini-budget, Finance Minister Muhammad Aurangzeb is set to meet IMF officials next week as the government seeks to prevent further economic difficulties. With inflation, growth projections, and enforcement measures in the spotlight, the FBR remains confident in achieving its targets, though compliant taxpayers and non-filers alike will face increasing pressure.
