FBR targets 20 million new taxpayers by 2029 to satisfy IMF

WEB DESK: In an attempt to broaden the nation’s tax base, the Federal Board of Revenue (FBR) has communicated its five-year objectives to the International Monetary Fund (IMF).

According to reports, the international lender has requested the strict implementation of its plan.

Following IMF guidance, the FBR now aims to incorporate over 20 million new taxpayers within the next five years. To achieve this objective, the board plans to register 3.72 million individuals and 23,500 associations of persons this year.

Additionally, more than 9,500 companies are set to be added to the tax roll in the current financial year.

For the following fiscal year, the FBR intends to enrol 3.91 million individuals, associations, and companies into its system. By FY27, the board seeks to include 4.1 million non-filers, with a target of 4.31 million set for FY28. The ultimate goal for the 2028-29 financial year is to register 4.525 million people.

Sources have indicated that the IMF has called for stringent enforcement of this plan, beginning in the current financial year.

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