Govt is not planning new taxes or mini-budget for FY 2024-25: FBR

WEB DESK: Dr Hamid Ateeq Sarwar, Federal Board of Revenue (FBR) Member for Inland Revenue (Policy), confirmed on Wednesday that the government is not planning to introduce new taxes or a mini-budget for the fiscal year 2024-25.

Speaking to the Senate Standing Committee on Finance, Dr Sarwar explained that the prime minister has only approved measures to enforce stricter action against tax non-filers.

These actions will target non-filers, nil-filers, and filers who are involved in significantly underreporting or misreporting their income.

Dr Sarwar assured the committee that there will be no new revenue measures or mini-budget in the near future. He also made it clear that the deadline for filing income tax returns would remain fixed at 30 September, with no extension expected.

He further revealed that six million individuals have already filed their tax returns for the 2023 tax year, with more expected to comply due to the government’s crackdown on non-filers.

However, he pointed out that 2.5 million of those returns reported zero income. In such cases, the FBR’s system will block any financial transactions until the individual explains their source of income.

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