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At first, Dar cuts fuel prices

  • Ishaq Dar says 1QFY23, Sept tax collection targets achieved; IT return deadline extended to Oct 31
Published October 1, 2022
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ISLAMABAD: Federal Minister for Finance Ishaq Dar Friday announced significant reduction of up to Rs12.63 per litre in petroleum products prices to pass on the benefit of decreasing crude rates in the international market.

Addressing his maiden press conference, Dar also announced that the Federal Board of Revenue (FBR) has achieved the revenue collection targets for September as well as first quarter of current fiscal year, and announced a one-month extension in the deadline for filing of income tax returns.

Dar said that the price of petrol has been slashed by Rs. 12.63 per liter, ie, reduced from Rs 237.43 to Rs224.80, high-speed diesel has been decreased by Rs. 12.13 per liter, ie, from Rs247.43 to Rs235.30, kerosene by Rs 10.19, ie, from Rs202.02 to Rs191.83 and light diesel oil by Rs 10.78, ie, from Rs197.28 to Rs186.50.

Sales tax has been maintained at zero while Petroleum Levy will be Rs 32.42 on petrol, Rs12.58 on high speed diesel, Rs 15 on Kerosene and Rs10 on light diesel.

The new prices would be effective from October 1, 2022.

Dar also announced that Federal Board of Revenue (FBR) has collected net revenue of Rs. 685 billion during the month of September against the target of Rs. 684 billion which is 27 % higher than the collection of September last year.

Further, the target of the first quarter of the current financial year has also been surpassed by achieving Rs.1635 billion against the target of Rs. 1609 billion and the growth is more than 17 percent for the quarter.

Govt increases petrol price by Rs1.45, new rate stands at Rs237.43

FBR has collected Rs. 27 billion in excess of the target, he added.

He said that the amount of refunds of Rs. 84 billion disbursed during the first quarter against Rs. 62 billion in the first quarter of the last year which is 35.5 % higher.

The Minister also announced the extension of one month for filing income tax returns. He said the extension has been given on the requests of business community, income tax practitioners and considering the prevailing post-flood conditions.

The new deadline for filing income tax returns is 31st of the next month.

The Federal Board of Revenue (FBR) Friday night released the provisional revenue collection figures for the month of September and the first quarter of the current financial year.

The FBR has collected net revenue of Rs 685 billion during the month of September against the target of Rs 684 billion which is 27 % higher than the collection of September last year. Similarly, the target of the first quarter of the current financial year has also been surpassed by achieving Rs. 1635 billion against the target of Rs 1609 billion and the growth is more than 17% for the quarter. FBR has collected Rs 27 billion in excess of the target. These figures would further improve before the close of the day.

This performance in revenue collection is despite zero rating of Sales Tax on POL products, import compression and the prevailing situation of floods. This impressive growth is primarily based on the 41% growth in direct taxes in the first quarter which is in line with the policy of the government to tax the rich and affluent. The revenue performance is reflective of robust revenue mobilization strategy of FBR and effective enforcement by the field formations.

On the other hand, the amount of refunds of Rs 84 billion disbursed during the first quarter against Rs 62 billion in the first quarter of the last year which is 35.5 % higher. FBR expresses its profound gratitude to all the taxpayers who have made possible this remarkable record collection during the first quarter of the year.

According to circular number 16 of 2022 issued by the FBR late Friday night, in exercise of powers conferred under Section 214A of the Income Tax Ordinance, 2001, the FBR is pleased to communicate that the date of filing of Income Tax Return for tax year 2022 required to be filed by September 30th, 2022 is extended up to October 31, 2022 in view of current flood situation in the country and requests from various trade bodies and Tax Bar Associations, it added.

So far, the FBR has received 1.8 million income tax returns for the tax year 2022 till September 30, 2022.

Copyright Business Recorder, 2022

Comments

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Rtd Adm Muhammad Ali Oct 01, 2022 12:02pm
Welcome move and first step to control inflation. Only thing now is to lock up the pathological liar Khan for good.
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Abdul Sheikh Oct 01, 2022 12:11pm
Around 50 percent of the industry is either closed or facing the slowdown due to high lending rates, unfeasible input costs and low consumer demand. The once vibrant real estate market and a barometer of flourishing economy and money transactions is virtually at a stand-still due to tax on land holding and FBR monitoring of sale/purchase transactions which the investors describe as ‘harassment’ or counter-productive. In the process, the government is losing on tax collection at both ends.
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