Economic/ fiscal experts Saturday advised Prime Minister Imran Khan that enforcement by the Federal Board of Revenue (FBR) should be the top priority of the government to increase the number of taxpayers instead of burdening the existing taxpayers.
Sources told Business Recorder that the top economic and fiscal experts said that the FBR is the top priority among major economic issues being faced by the government. The enforcement by the FBR against the potential persons operating out of the tax net should be the top most priority of the government.
They added that the government has no choice except planned enforcement against non-filers and persons operating out of the tax net.
The experts have also started giving their inputs on all fiscal and economic issues to Prime Minister Imran Khan. During discussions with the PM, the economic experts specifically took up the FBR.
Sources said that the experts can work as a commission on planning or an advisory board for the government. Such kind of planning commission had worked in the past in the country.
According to sources, this 4-5 member advisory board or commission would comprise economic, tax/banking experts and top chartered accountants. They would work as an advisory board to advise PM on all key economic and fiscal issues of the country, they added.
A tax expert told Business Recorder that in order to document all economic activities, the FBR would maintain a national databank of business transactions taking place in the country with the help of National Database & Registration Authority (NADRA) and other sources.
Sources said that the FBR would maintain a comprehensive databank with the help of information available with NADRA and other third party sources. The idea is to gather the economic transactions for documentation and expanding the tax net. The availability of the authentic databank on national level would create a deterrence and result in expanding the tax base. Once people would know that the FBR is equipped with the latest data and profiles, this would be instrumental in broadening the tax base and help document economic transactions taking place in the country.
Published in brecorder.com