IN what could be termed as a major achievement on the part of the tax collection body, the FBR has reportedly surpassed the income tax annual target ten days ahead of the close of the ongoing financial year. It collected 3,035 billion rupees against the target of 3,026, showing a forty-one percent unprecedented growth as compared to the last year.
The FBR’s noteworthy accomplishment deserves commendation which reflects the effectiveness of strategies implemented by Finance Minister Ishaq Dar and his economic team to enhance the tax collection. There is no denying that ever since assuming the office, the Finance Minister has strenuously been working to stabilize the economy and address its chronic problems. Achieving the income-tax target with forty-one percent growth is a testament to the fact that his efforts are bearing tangible results. And this process of reforms initiated by the Finance Minister in the FBR must continue to substantially enhance the revenue collection which is the only way to put the country on the path of self-reliance and through which we can channel resources to critical sectors such as health and education as well as infrastructure, thus improving the quality of public services and fostering inclusive growth. At present our tax to GDP ratio is far below when compared with other countries. Speaking in the National Assembly the other day, Defence Minister Khawaja Asif alluded to the tax evasion taking place in various sectors including real estate, retail, industries etc. This must be plugged in by focusing on comprehensive reforms envisaging the use of the latest technology, streamlining tax procedures and promoting compliance. Apart from simplifying the tax filing process, it is also important for the government to launch awareness campaigns highlighting the importance of tax compliance. The people need to honestly pay their taxes, through which they can contribute to the development of the country and wellbeing of our communities. Embracing honest tax payment is not just a legal obligation, it is a moral imperative and a civic duty which we must all fulfil.
