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PM hails increase in tax revenues
PM hails increase in tax revenues

Business Recorder

time2 days ago

  • Business
  • Business Recorder

PM hails increase in tax revenues

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday delivered a forceful message to the country's top revenue officials, hailing a 42 percent increase in federal tax revenues while warning there would be zero tolerance for complacency in the fiscal year ahead. Chairing a high-stakes weekly review on the Federal Board of Revenue (FBR)'s reform and digitisation drive, Sharif celebrated what he called a 'decade-defining achievement' – an additional Rs 865 billion year-on-year jump in tax collections, driven by sweeping reforms and stricter enforcement. Officials said the increase marked an eightfold rise, pushing the federal revenue-to-GDP ratio to 11.3 per cent, a notable 1.5 percentage point leap from last year. LTO Karachi posts record Rs3.5trn revenue with 29pc growth 'The time for excuses is over,' Sharif told top bureaucrats and revenue chiefs. 'No department will be allowed to slack off. We are on a mission and failure is not an option.' The prime minister, who is personally overseeing implementation of the government's economic roadmap, demanded that all public institutions rally behind the FBR and treat taxpayers with dignity and respect. But he made clear that respect for citizens must be matched by relentless pursuit of those dodging taxes. Sharif unveiled an aggressive expansion of the FBR's digital net, ordering the mandatory digitisation of production lines in non-compliant industries and a nationwide rollout of the Track and Trace Digital Production System to bring untaxed sectors under scrutiny. The system, currently active in sugar, tobacco, and fertiliser sectors, will soon extend to cement and other key industries. He also called for an expanded point of sale (POS) system in the retail sector to stamp out under-the-table transactions and tighten the noose around tax evasion. 'Digitalisation is not optional, it is survival,' Sharif declared, urging officials to break the back of the informal economy. 'We will not let billions bleed from our economy because of outdated systems or vested interests.' The fiery session came just days after the passage of the 2025 federal budget, which the prime minister hailed as a cornerstone of his government's economic resurgence strategy. He congratulated the finance team and reaffirmed his commitment to turning Pakistan's fiscal landscape around. Copyright Business Recorder, 2025

PM orders to digitise all industrial production processes
PM orders to digitise all industrial production processes

Business Recorder

time3 days ago

  • Business
  • Business Recorder

PM orders to digitise all industrial production processes

Prime Minister Shehbaz Sharif has ordered authorities to digitise all industrial production processes, bringing them into the tax net, especially tax defaulters. The prime minister gave these directives while chairing a weekly review meeting on Federal Board of Revenue (FBR) digitisation and other reforms on Wednesday. According to a statement released by the Prime Minister's Office (PMO), PM Shehbaz directed that the Track and Trace Digital Production System be integrated into the production and delivery stages of goods to bring all production into the tax net. The prime minister further directed the expansion of the scope of FBR's Point of Sale (POS) system in the retail sector. During the meeting, the premier was briefed on the progress of reform initiatives in the FBR. The briefing noted that the Track and Trace Digital Production System has so far been fully implemented in the sugar, tobacco, and fertiliser industries and will soon be fully rolled out to the cement and other sectors. The prime minister instructed the FBR to keep all channels open to facilitate the business community and taxpayers. PM Shehbaz appreciated the efforts of the Ministry of Finance and the FBR for achieving a 42% increase in federal tax revenues in FY 2024–25, the highest in the last ten years. It was learnt that Rs865 billion in additional revenue was collected in FY2024–25 compared to the previous year through reforms and the enforcement of tax laws — a historic eightfold increase. The briefing further stated that the federal revenue to GDP ratio stood at 11.3% in FY 2024–25, which is 1.5 percentage points higher than the previous year. PM Shehbaz directed that all institutions must work with full dedication to achieve revenue and economic goals in the new fiscal year. 'No carelessness will be tolerated in achieving economic targets for Pakistan's prosperous future,' said the Prime Minister. 'I am personally supervising all stages of revenue collection and the achievement of economic goals,' he added. PM instructed FBR officers to treat the public with dignity and called on all government departments to fully cooperate with the FBR for the development of the national economy.

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