FBR Registers 1.079 Million New Taxpayers: Boosting Pakistan's Economy
Islamabad: In a significant development, the Federal Board of Revenue (FBR) has successfully registered a whopping 1.079 million new taxpayers over the past four years. This achievement reflects FBR’s commitment to expanding the tax base and bolstering Pakistan’s economic growth, ultimately addressing the fiscal challenges faced by the government.
During the fiscal years 2020 to 2023, FBR employed a range of strategies, including Automated Data Sharing, ICT-based business intelligence tools, surveys, and enforcement, to add 1.079 million taxpayers to its rolls. This remarkable effort demonstrates the dedication of FBR to building a robust tax ecosystem.
Let’s delve into the specific numbers for each fiscal year:
- In Fiscal Year 2020, FBR registered 121,063 new taxpayers.
- Fiscal Year 2021 saw the addition of 97,819 individuals to the taxpayer list.
- In Fiscal Year 2022, FBR successfully added a significant 243,795 new taxpayers.
- Fiscal Year 2023 witnessed an impressive surge with 616,517 new taxpayers being registered.
The continual increase in the number of taxpayers bodes well for Pakistan’s economic growth, particularly in the face of ongoing economic challenges. Looking ahead, FBR aims to further expand the tax base by enrolling an additional 0.5 million new taxpayers in the current fiscal year. This initiative is poised to enhance revenue collection capabilities and stimulate development.
According to official data, the number of registered income taxpayers increased from 7.9 million in June 2022 to an impressive 9.8 million in June 2023. During the period from July 2022 to June 2023, there were 4.4 million active income taxpayers, often referred to as compliant taxpayers. Among these, 2.3 million diligently filed their tax returns and fulfilled their tax obligations.
As of September 30, 2023, FBR has received a total of 1.93 million tax returns and has extended the filing deadline to October 31, 2023. This influx of new taxpayers is expected to contribute significantly to the country’s financial stability, reducing the need for loans from international organizations such as the International Monetary Fund (IMF)