Islamabad: The Federal Board of Revenue (FBR) has formed a 32-member task force aimed at closing existing gaps in tax collection and significantly increasing revenue for the fiscal year 2024-25.

According to Zameen.Com, the newly established group, led by FBR Chairman Rashid Mahmood Langrial, includes experts from the Inland Revenue Service and Pakistan Customs. The task force is charged with a three-phase strategy that involves identifying current system weaknesses, setting a timeline for remedial actions, and forecasting the revenue boost expected from these measures.

The team has been tasked with producing a detailed report within two weeks, identifying discrepancies across various tax domains such as income tax, sales tax, federal excise duty, and customs duty. This report will also propose specific actions to rectify identified issues and project the potential increase in revenue these actions may yield.

The task force will convene its first meeting on August 30 and aims to leverage local insights for reforming tax administration practices, focusing on procedural enhancements, human resource management, administration, and improving taxpayer services. Furthermore, the FBR has initiated a new unit dedicated to tax data analytics, set to analyze extensive tax data to uncover additional discrepancies and avenues for increasing tax revenue.

This initiative underscores the FBR’s dedication to achieving a daunting revenue target of Rs 12.9 trillion, marking a 41 percent rise from the previous fiscal year’s target, and enhancing overall tax collection efficiency.