FBR slashes tax revenue target by Rs265 billion

• Tax receipts target has been set at Rs 5238 billion, down from Rs 5503 bn. The first-half target is set at Rs 2198 bn, a decrease from Rs 2367 bn.
• Non-tax revenue target has been raised from Rs 838 billion to Rs 1,170bn.

The Federal Board of Revenue (FBR) has reduced tax revenue targets for the ongoing fiscal year by a massive Rs 265 billion.

As per details, the tax receipts target has been set at Rs 5238 billion, down from Rs 5503 billion. The first-half target is set at Rs 2198 billion, a decrease from Rs 2367 billion.

Meanwhile, the non-tax revenue target has been raised from Rs 838 billion to Rs 1,170bn. Whereas, the target of total expenditure is set at Rs 10,608 bn, up from Rs 10,419bn. The estimated budget for interest has been raised to Rs 3,125bn as compared to Rs2,978bn. Furthermore, the budget deficit is estimated at Rs 3,329bn, up from Rs 3,173bn.

Just days ago, FBR extended the date for filing of Income Tax returns/statements for the Tax Year 2019 for individuals and Associations of Persons (AoPs) up to December 31, 2019.

According to the income tax circular No. 17 of 2019 issued by the FBR here on Monday, in exercise of the powers conferred under section 214A of the Income Tax Ordinance 2001, the Federal Board of Revenue (FBR) has extended the date for filing of Income Tax Return/Statements for the Tax Year 2019 as under:-

1). The date of filing of total income/statements of final taxation for individuals and Associations of Persons (AoPs) for Tax Year 2019 which were due on September 30, 2019 and extended up to December 16, 2019 is hereby further extended up to December 31, 2019.

2). The date of filing of Total Income/Statements of final taxation for companies for the Tax Year 2019, which were due on September 30, 2019 and extended up to December 16, 2019 in respect of those companies who have paid 95 percent of the admitted tax liability on or before September 30, 2019 is hereby further extended up to December 31, 2019, the FBR added.