FBR assigned tax collection target of Rs7 trillion in 2022/2023

FBR assigned tax collection target of Rs7 trillion in 2022/2023

ISLAMABAD: The Federal Board of Revenue (FBR) has been assigned a tax collection target of Rs7 trillion for the fiscal year 2022/2023 against the existing target of Rs6 trillion for the outgoing fiscal year.

According to the official documents of the budget 2022/2023, the FBR tax collection has been estimated at Rs7 trillion up 16.66 per cent from Rs6 trillion in the current fiscal year.

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The tax collection target under the head of direct taxes has been fixed at Rs2.573 trillion for the fiscal year 2022/2023 as compared to the estimated collection of Rs2.204 trillion in the current fiscal year.

Under the head of direct taxes, the income tax collection target has been set at Rs2.558 trillion as compared with Rs2.191 trillion.

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The collection targets for workers welfare fund, workers profit participation fund and capital value tax have been set at Rs6.94 billion, Rs7.46 billion and Rs515 million, respectively.

The FBR has been assigned a target for indirect tax collection at Rs4.431 trillion for the fiscal year 2022/2023 as against estimated collection of Rs3.796 trillion in the outgoing fiscal year.

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The collection target for customs duty has been set at Rs953 trillion during the next fiscal year as compared with Rs817 billion in the current fiscal year.

The sales tax collection target has been set at Rs3.076 trillion for fiscal year 2022/2023 as compared with estimated collection of Rs2.635 trillion in the current fiscal year.

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An amount of Rs402 billion has been set as target for federal excise duty (FED) collection in the fiscal year 2022/2023 as against the existing estimate of Rs344 billion in the fiscal year Rs344 billion.

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