The Federal Board of Revenue (FBR) is presenting uncompromising enforcement measures that will limit compliant taxpayers from withdrawing more than Rs. 30 million in cash yearly. For high-income tax filers earning over Rs. 10 million, the new rules will authorize them to purchase cars, but they must provide proof of income before buying any property. Those earning below Rs. 10 million will have to justify their income before investing in cars, plots, or securities and mutual funds.

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The federal government is pushing hard to meet its enterprising tax target of Rs. 12.97 trillion for this fiscal year. The FBR aims to collect Rs. 450 billion through these new enforcement actions, including FBR cash limits and plot purchase restrictions.

Despite a significant revenue shortfall in the first quarter of the fiscal year, Prime Minister Shehbaz Sharif has ruled out the possibility of introducing a mini-budget. Meanwhile, Finance Minister Muhammad Aurangzeb is predicted to meet with IMF officials next week as the government looks for ways to manage the economic condition.

With inflation, growth predictions, and these new measures in mind, the FBR is confident in reaching its goals, though both high-income tax filers and non-filers will face rising pressure in the coming months.

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