Prime Minister Muhammad Shehbaz Sharif lauded the Ministry of Finance and the Federal Board of Revenue (FBR) for achieving a remarkable 42% increase in federal tax receipts during the fiscal year 2024-25, marking the highest growth in the last ten years.

This achievement translates to an additional Rs 865 billion, an eightfold increase compared to the preceding year. The premier, while chairing a high-level meeting on FBR”s digitization and reforms, emphasized that no institutional laxity would be accepted in achieving revenue objectives and other financial aims for the new fiscal year. The federal revenue-to-GDP proportion also saw substantial development, reaching 11.3%, a 1.5% jump from the previous year.

Sharif instructed the FBR to treat taxpayers respectfully and urged public sector entities to fully cooperate with the tax authority. He also underscored the importance of expanding the tax base through digitization and stricter application of tax laws.

The PM issued directives for broadening the Track and Trace Digital Production System to encompass all manufacturing and supply stages to bring untaxed goods into the tax net. He also directed compulsory digitization of production procedures for non-compliant firms and broadening the Point of Sale (POS) system in retail to boost record-keeping and clarity.

Sharif congratulated the attendees on the successful approval of the upcoming financial year”s budget and reiterated the government”s dedication to ensuring Pakistan”s positive economic prospects. The meeting was informed that the Track and Trace structure is already fully operational in sugar, tobacco, and fertilizer sectors and will soon extend to cement and other sectors. Federal Ministers Attaullah Tarar and Azam Nazeer Tarar, the FBR Chairman, and senior officials were present.