May 4, 2024 Lahore, May 4, 2024 – Prime Minister Muhammad Shehbaz Sharif on Saturday outlined Pakistan’s potential to substantially boost its tax revenues, stating the country could amass over Rs 24 trillion annually, a stark contrast to the current tax target of Rs 9.4 trillion. During a ceremony in Lahore where he recognized the Federal Board of Revenue’s (FBR) most diligent officers, the Prime Minister Shehbaz addressed the substantial revenue losses Pakistan faces due to corruption, inefficiency, and negligence. He emphasized that effectively capturing this lost revenue could triple the current collections, thereby providing substantial financial resources to repay national debts and invest in critical infrastructure such as hospitals, schools, universities, and roads. “The amount of revenue that is slipping through due to inefficiencies is alarming and highlights the urgent need for systemic reforms within our tax collection mechanisms,” said PM Shehbaz Sharif. He added that the time has come to “separate the white from the black” and ensure that decisions regarding rewards and punishments are made solely on merit. The Prime Minister also discussed several challenges Pakistan faces, including a low tax-to-GDP ratio and escalating external and internal debts. Highlighting the legal reforms underway, he pointed out that approximately Rs 2.7 trillion is currently stalled in various appellate forums. New laws have been enacted to expedite the recovery of these funds, involving the appointment of ATIR members through a rigorous, competitive process facilitated by leading institutions like LUMS and IBA. Moreover, PM Shehbaz Sharif addressed the recent uncovering of a Rs 756 billion sales tax scam, asserting his directive for aggressive recovery efforts of these misappropriated funds.…