AGL 5.78 Increased By ▲ 0.03 (0.52%)
ANL 8.88 Increased By ▲ 0.03 (0.34%)
AVN 78.93 Decreased By ▼ -0.57 (-0.72%)
BOP 5.29 Increased By ▲ 0.12 (2.32%)
CNERGY 4.70 Increased By ▲ 0.01 (0.21%)
EFERT 81.57 Increased By ▲ 0.47 (0.58%)
EPCL 50.96 Decreased By ▼ -0.03 (-0.06%)
FCCL 13.35 Decreased By ▼ -0.14 (-1.04%)
FFL 5.74 Decreased By ▼ -0.07 (-1.2%)
FLYNG 7.15 Decreased By ▼ -0.06 (-0.83%)
FNEL 4.82 Increased By ▲ 0.02 (0.42%)
GGGL 8.87 Increased By ▲ 0.17 (1.95%)
GGL 15.90 Increased By ▲ 0.15 (0.95%)
HUMNL 5.79 Decreased By ▼ -0.06 (-1.03%)
KEL 2.68 Increased By ▲ 0.10 (3.88%)
LOTCHEM 29.06 Decreased By ▼ -0.44 (-1.49%)
MLCF 24.99 Decreased By ▼ -0.31 (-1.23%)
OGDC 72.46 Increased By ▲ 0.01 (0.01%)
PAEL 15.35 Decreased By ▼ -0.05 (-0.32%)
PIBTL 5.06 Decreased By ▼ -0.09 (-1.75%)
PRL 16.31 Increased By ▲ 0.06 (0.37%)
SILK 1.08 Increased By ▲ 0.01 (0.93%)
TELE 9.39 Increased By ▲ 0.09 (0.97%)
TPL 7.34 Decreased By ▼ -0.01 (-0.14%)
TPLP 18.90 Decreased By ▼ -0.26 (-1.36%)
TREET 21.95 Increased By ▲ 0.10 (0.46%)
TRG 140.87 Decreased By ▼ -1.93 (-1.35%)
UNITY 17.01 Decreased By ▼ -0.19 (-1.1%)
WAVES 9.90 Decreased By ▼ -0.13 (-1.3%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 4,255 Increased By 7.1 (0.17%)
BR30 15,733 Decreased By -28.8 (-0.18%)
KSE100 42,394 Increased By 44.9 (0.11%)
KSE30 15,664 Increased By 31.9 (0.2%)
Follow us

ISLAMABAD: The Federal Board of Revenue (FBR) requires growth of 21.5 percent in revenue collection to meet the annual target of Rs7,470 billion set for 2022-23 as compared to the tax collection in the previous fiscal year (2021-22).

According to FBR report, the revenue target for 2022-23 has been fixed at Rs7,470 billion which demands growth of 21.5 percent over the collection of Rs6,148.5 billion made during 2021-22.

In absolute terms, around Rs1,322 billion of additional revenues are to be collected by the FBR in FY 2022-23 to meet the target.

The FBR has collected net revenue of Rs685 billion during the month of September against the target of Rs684 billion which is 27 per cent 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 Rs1,635 billion against the target of Rs1,609 billion and the growth is more than 17 per cent for the quarter. The FBR has collected Rs27 billion in excess of the target.

The report stated that the target for 2022-23 is challenging, given the fact that the government is focusing on controlling the current account deficit and rising inflation, which would result in import contraction and slowdown in the overall GDP growth.

FBR set to achieve Rs6.1trn revised tax collection target

Nonetheless, the FBR is confident that its team has the ability and the resolve to accomplish this gigantic task as an upward revised target has already been achieved for the financial year ended on June 30, 2022.

To achieve the target several efforts are being made at the policy as well as operational levels. There is a focus on enhanced use of technology and a policy shift towards taxing the high-income groups through direct taxation such as the imposition of super tax, poverty alleviation tax, revision of individual tax slabs including salaried class, increase in the federal excise duty (FED) on international air travel, increased tax on luxury motor vehicles etc. Keeping in view the past performance of the FBR and the revenue measures taken during the current budget there are high hopes of achieving the tax target for FY 2022-23, the FBR report added.

Copyright Business Recorder, 2022

Comments

Comments are closed.

Rs7.47trn target: 21.5pc growth in FY23 revenue collection required

Disasters cost $268bn in 2022: Swiss Re

PM for implementation of agreement reached at COP27

Flood relief activities: ‘Pakistan has received $738.53m foreign aid so far’

Jul-Nov trade deficit shrinks 30.14pc to $14.406bn YoY

Deemed income on capital assets: Taxpayers required to file new form separately

Global factory activity shrank last month

LPG price up by Rs11.7/kg for Dec

PRL barred from shutting down this month

No curbs on oil, LNG and POL products’ LCs: SBP

HSD, SKO & LDO: PL increased to generate Rs36.199bn