Finance Minister Muhammad Aurangzeb revealed on Sunday a significant achievement in the government’s financial management. He announced that the government has successfully disbursed approximately Rs68 billion in income tax refunds since the commencement of the process on July 1.
During a press conference in Islamabad, the finance minister underscored the crucial role of cooperation from the government, citizens, and industrial sectors in achieving the goal of expanding the tax net to 13 per cent. He emphasized that this is not just a government initiative, but a collective responsibility that everyone must contribute to.
Aurangzeb noted that reclaiming excess taxes paid to the Federal Board of Revenue (FBR) involves electronic tax return filing and subsequent application through the FBR’s Iris system. Refund claims are allowable within two years from the date of filing or payment to avoid any impact on eligibility.
Pl subscribe to the YouTube channel of republicpolicy.com
The minister also expressed his heartfelt appreciation for the traders registering under the Tajir Dost Scheme. He underlined the significant role they play in broadening the tax net and their contribution to the economy. Furthermore, he acknowledged the challenges related to implementing new reforms and digitalization within the FBR and the government’s commitment to addressing trust and corruption issues.
Additionally, Aurangzeb outlined various measures introduced in the amended Finance Bill 2024. These measures include the introduction of a capital value tax (CVT) on properties in Islamabad and new taxes on builders and developers. The aim of these new taxes is to generate additional revenue to meet the International Monetary Fund’s criteria, and the minister assured that the government will ensure transparency and fairness in their implementation.
The government’s efforts to simplify the tax system were highlighted, including the introduction of the Tajir Dost Scheme. This scheme, which allows merchants to register through a mobile app and submit applications without the need for direct interaction with FBR personnel, not only simplifies the process for traders but also contributes to the expansion of the tax net and the overall economic growth.
The minister concluded by urging all stakeholders to raise their voices to bring untaxed and undertaxed sectors into compliance with tax regulations for the greater good of the economy.
