By July 2021, FBR will have collected around $413 billion with AI and innovative tax collection methods.
ByShehryar Makhdoom | Published date:
AI and new tax-collecting ways will result in FBR collecting approximately $413 billion by July 2021. The session of the APEX Committee on increasing the tax base and integrating retail firms, which was held at the Finance Division, was presided over by the Federal Minister of Finance and Revenue, Shaukat Tarin.
The meeting was attended by SAPM Finance and Revenue, FBR Chairman Dr. Waqar Masood, and other senior authorities.
Finance Minister praised the performance of the FBR, who exceeded the monthly revenue collection target for July, to the tune of Rs. 413 billion, the equivalent of 21% above the stated goal.
He also explained that the excellent tax collection is a testament to the sound economic strategies the government is following for sustainable prosperity.
This suggests that fiscal consolidation measures are on track, with a particular focus on broadening the tax base using artificial intelligence and other new methods of getting more individuals into the tax net, he noted.
In his final remarks, the Finance Minister encouraged the Federal Bureau of Revenue to continue its meticulous efforts to improve tax collection.
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