In a high-level meeting chaired by Prime Minister Shehbaz Sharif, the next phase of reforms for the Federal Board of Revenue (FBR) was discussed, leading to the approval of a cutting-edge digital system. The Prime Minister directed that global experts be brought on board to assist in the design and implementation of the new framework.
Highlighting the significance of these reforms, PM Shehbaz emphasized that the digital transformation of FBR would pave the way for a more efficient and transparent taxation system, playing a pivotal role in strengthening the economy.
“The future lies in not just digitizing, but in building a comprehensive digital ecosystem that connects the data from raw material production to finished product manufacturing. This will allow for seamless monitoring of the entire value chain,” the Prime Minister stated.
The new system will also harness centralized data to aid in economic planning and decision-making. With real-time monitoring, the government can make informed choices to address fiscal challenges more effectively.
The Prime Minister concluded that these reforms would increase the country’s tax base while combating the informal economy, ensuring long-term financial stability and reaching the goal of reducing the tax gap.
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