Islamabad, (Parliament Times) : Inland Revenue Department has surpassed the tax target of Rs69 billion set for the fiscal year 2024-25 with a complete and major increase,despite numerous problems, interest rate cut, and reduced tax on electricity.
The Inland Revenue Department has increased its revenue by 17.75 percent compared to the previous fiscal year. The Inland Revenue Department has received more than Rs 57 billion from the South Zone and more than Rs 13 billion from the North Zone as tax revenue to the state, which was Rs 59.70 billion last year. The Azad Jammu and Kashmir government did not impose any additional tax in the previous fiscal year.
In addition, due to the reduction in electricity rates, the Inland Revenue Department has been facing a shortfall of more than one billion rupees in tax revenue due to the closure of cigarette factories. In addition, the Inland Revenue Department South, Mirpur Division, has implemented the latest invoicing system at the point of sale and has collected output tax of up to 500 million rupees from the integration of more than 50 national brands, food chains and local businesses, hotels and restaurants.
The installation of the modern system has increased the revenue collected from taxpayers by another 400 to 800 percent, while in addition, the Inland Revenue Department of Azad Kashmir has launched the modern Tax Asan app, which can be downloaded from the Google Play Store, and established a POS dashboard for verifying invoices digitally.
The Inland Revenue Department has finalized the steps with the Punjab Information Technology Board for the Motor Vehicles Registration System to make vehicle registration and token tax in Azad Kashmir online with modern requirements. In addition, the CBR has also signed a Data Integration Agreement with the FBR, which has eliminated the problems faced by industrialists regarding tax payment.
Under the leadership of the Chairman CBR North and South Commissioners, numerous historic initiatives have been taken, including the implementation of a state-of-the-art track and trace system in the tobacco sector in the state, the installation of which will discourage counterfeit cigarette manufacturing and significantly increase federal excise duty and sales tax.
While the department has successfully exceeded the annual tax target due to the reduction in revenue despite the closure of these units due to departmental measures against cigarette manufacturing, oil, tea and food units.