ISLAMABAD: The Federal Board of Revenue (FBR) has outlined a comprehensive plan to the International Monetary Fund (IMF) to tackle the revenue shortfall that has been a persistent issue.

According to sources, the FBR aims to improve several key areas to increase tax collection and reduce the gap between targets and actual revenues. One of the key initiatives in the plan includes enhancing container clearance processes at ports, which is expected to streamline the flow of goods and reduce delays. Additionally, the FBR plans to auction smuggled goods more efficiently, which will contribute to better revenue generation. Strengthening enforcement capacity is also a priority, as it will ensure that tax compliance is more strictly monitored. Furthermore, the FBR intends to focus on increasing tax collection from under-taxed sectors, which remain a significant source of untapped revenue. To support this, the board will prioritize the rapid resolution of pending cases in courts, ensuring that outstanding tax disputes are addressed more swiftly. The authority has expressed its commitment to making substantial progress on these actions before the IMF delegation's arrival. Sources indicate that the FBR needs to meet a target of Rs960 billion in tax collection for the month of January. This target is part of a broader goal, which includes a total tax collection of Rs1,340 billion for the month. This figure takes into account a revenue shortfall of Rs385 billion that the FBR needs to compensate for. To meet these ambitious targets, the FBR has vowed to take all necessary steps, including improving operational efficiency and bolstering enforcement measures.

The revenue shortfall has become a significant challenge, and these measures are expected to play a crucial role in stabilizing the country's fiscal position. Ministries directed to align objectives with Uraan Pakistan  From Our Correspondent ISLAMABAD: Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, has instructed all ministries to align their objectives with the "Uraan Pakistan" initiative and designate senior focal persons to ensure consistent coordination and progress. During a consultative meeting on the Uraan Pakistan Action Plan, Iqbal emphasized the importance of sustainable development and economic growth as the primary goals of the initiative. He directed ministries to identify three key factors that would contribute to stabilizing the economy and to engage relevant stakeholders through strategic efforts. He also proposed organizing workshops to strengthen collaboration with provincial governments. Iqbal underlined the significance of transitioning to an export-led growth model, stressing that the country's current export level of $40 billion is inadequate. He proposed a target of increasing exports to $100 billion. He noted that the majority of the country's exports consist of low-value textile products and emphasized the need for a complete overhaul of the export sector. Acknowledging the recent growth in IT exports, Iqbal highlighted the government's plan to boost IT exports from $3 billion to $10 billion by 2029. He also stressed the importance of equipping Pakistan's youth with the necessary training, skills, and opportunities to harness the potential of the country's demographic advantage. Iqbal also addressed the critical issue of out-of-school children, stating that the 2.5 million children currently outside the education system must be reintegrated into schools. This, he stated, is essential for unlocking the potential of Pakistan's young population and driving long-term economic growth. Reflecting on past challenges, Iqbal pointed out that poor governance had led to a significant reduction in the Public Sector Development Program (PSDP) from PKR 1,100 billion in 2018 to PKR 400 billion in 2022. However, he assured that the government had successfully restored the PSDP, putting the economy back on track. He also reaffirmed the prime minister's "5Es" agenda-Education, Health, Modern Technology, Green Energy, and Ethics-as a guiding framework for development. Iqbal concluded by reiterating the government's commitment to utilizing all resources to ensure the success of the Uraan Pakistan initiative.