Karachi, November 30, 2023 – The Federal Board of Revenue (FBR) has announced extended working hours for Inland Revenue offices on Thursday.
The decision, communicated to the Large Taxpayers Offices (LTOs), Medium Taxpayers Office (MTO), Corporate Tax Offices (CTOs), and Regional Tax Offices (RTOs), aims to facilitate taxpayers in fulfilling their obligations and addressing any pending Payment Slip Identification (PSID).
All Inland Revenue tax offices will remain open until 8:00 PM on Thursday, November 30, 2023. This initiative is part of a broader effort to enhance revenue generation and streamline the tax payment process, particularly with the looming deadline of the International Monetary Fund (IMF) Executive Board meeting on December 7, 2023.
FBR sources revealed that the decision to extend working hours was driven by a sense of urgency to generate additional revenue ahead of the crucial IMF Executive Board meeting. The revenue authorities are keenly aware of the significance of meeting revenue targets, as it plays a pivotal role in the success and sustainability of the ongoing $3 billion Stand-By Arrangement with the IMF.
The upcoming IMF Executive Board meeting is expected to discuss the progress of Pakistan’s economic reforms under the Stand-By Arrangement. A successful outcome could potentially lead to the approval of a tranche of $700 million, providing much-needed financial support to the country. However, the success of the loan program is contingent upon meeting key performance indicators, with revenue collection being a critical component.
The FBR’s decision to extend working hours underscores the importance of meeting revenue targets to secure the confidence of the international financial community. Any shortfall in revenue collection could have adverse implications for Pakistan’s ongoing IMF program, affecting the disbursement of funds crucial for economic stability and development initiatives.
The move to facilitate taxpayers during extended hours aligns with the government’s commitment to fiscal responsibility and economic reforms. By providing additional time for taxpayers to clear pending dues and complete necessary transactions, the FBR aims to ensure compliance and contribute to the overall success of the IMF program.
As the extended working hours initiative unfolds, taxpayers are encouraged to take advantage of the additional time provided to settle any outstanding obligations. The collaborative effort between taxpayers and revenue authorities is pivotal in securing the much-needed financial support from international institutions and fostering a stable economic environment.
