Karachi: The Federal Board of Revenue (FBR) has set the target to increase the number of taxpayers to 3.5 million in five years, as opposed to 1.2 million people who currently pay taxes – according to a news report.
The decision was taken during a meeting of the Steering Committee of the World Bank-sponsored ‘Pakistan Raises Revenue’ project. The committee also decided to fix the tax-to-GDP ratio from 13% to 17% in the next five years.
To improve the Ease of Doing Business in Pakistan, the time for submitting tax returns will also be reduced from the current 253.5 hours to 130 hours in the next five years.
The meeting also decided to improve the tax system and make it more transparent even while, through data-sharing, the authorities work to widen the tax net.