PM lauds FBR, IB for joint efforts in boosting tax collection

Islamabad (Web Desk): Prime Minister Muhammad Shehbaz Sharif, on Monday, lauded the efforts of the Federal Board of Revenue (FBR) and the Intelligence Bureau (IB) for their role in improving tax collection and curbing financial malpractice.

He emphasized the importance of coordinated action among all institutions to ensure sustainable economic development and improve the well-being of the public.

The prime minister made these remarks after being presented with a report detailing the results of collaborative operations carried out by the FBR and IB targeting tax evasion and the hoarding of essential goods.

According to a statement by PM Office Media Wing, joint efforts by the two bodies led to the recovery of Rs178 billion.

"These initiatives also brought an additional Rs69 billion into the national exchequer through the resolution of telecom sector dues and company mergers. The IB conducted 515 targeted raids in industries such as sugar, animal feed, beverages, edible oil, tobacco, and cement, leading to the recovery of Rs10.5 billion by disrupting tax evasion practices," according to a report.

Furthermore, to address the issue of hoarding and artificially inflated prices, the Intelligence Bureau executed more than 13,000 operations across key sectors including sugar, fertilizer, and wheat.

These actions resulted in the seizure of illegally stockpiled goods valued at over Rs99 billion since April 2022.

PM Shehbaz acknowledged these accomplishments as vital contributions to the country’s economic stability and encouraged continued cooperation among state institutions.