Prime Minister Shehbaz Sharif chaired a review meeting on the country's economic situation, emphasizing the importance of digitising the Federal Board of Revenue (FBR) as part of the government’s economic reforms.
The prime minister instructed the economic team to complete critical tasks related to the process by December 31, adding that the digitization was a major milestone in the government’s major economic reforms. "The digitization of FBR will enable a data-driven strategy to boost revenue collection and ensure efficient taxation," he said.
During the briefing, it was revealed that substantial progress has been made, including the completion of video analytics for the sugar industry and the design phase for similar systems in the cement sector. A mobile application for digital invoicing of small businesses is set to launch by the end of the month, while the full digitization of the FBR value chain is expected by March 2025.
The premier commended the economic team for its efforts, which he noted have started bearing fruit, noting an increase in fiscal space and expressing optimism over the 15% year-on-year growth in petroleum product sales, which have reached a 25-month high. The prime minister stressed data-based strategy to increase revenue and directed to make taxation in the country effective and faster.
Acknowledging the success of recent decisions, he lauded the timely export of sugar, which generated $500 million in foreign exchange. However, he stressed the need for stricter measures against petrol smuggling to further secure revenue streams.
The meeting also highlighted other advancements:
- A Central Assessment Unit has been established in Karachi for faceless customs assessments.
- The hardware and data center for Pakistan Revenue Automation Ltd (PRAL) are being upgraded, and a new board has been formed to ensure effective functioning.
Prime Minister Shehbaz concluded by reiterating the importance of implementing a comprehensive revenue strategy, underscoring the government's commitment to sustainable economic reforms.
