Govt likely to set tax recovery target at Rs3,600bn for FY 2016-17

ISLAMABAD: Government is likely to set tax recovery target at Rs 3,600 billion in the federal budget for Fiscal Year 2016-17.

According to a private news channel quoting sources privy to the Finance Ministry said that tax recovery target could be at least 16 percent higher than the current fiscal year.

Taxes amounting to Rs 2,345 billion have been recovered in FY 2015-16 until May out of the set target of Rs 3,103 billion.

Federal Board of Revenue (FBR) has stated that the target would be achieved in current fiscal year.

Experts have said that the government needs to bring reforms in FBR and curb tax evasion to expand base of tax payers.