ISLAMABAD: The government likely to fix Rs5,829 billion as revenue collection target for next fiscal year 2021/2022, sources said on Wednesday.
The tax target for the next fiscal year is around Rs134 billion less than the projected revenue collection by the International Monetary Fund (IMF).
The IMF has projected an amount of Rs5,963 billion as tax collection by the Federal Board of Revenue (FBR) during the next fiscal year.
The sources said that the revenue collection by the FBR during the current fiscal year 2020/2021 has been projected at Rs4,961 billion against the actual revenue target of Rs4,963 billion.
With the current projection of the revenue collection for the current fiscal year, the FBR would need to increase the collection by 24.26 percent to achieve the projected collection target for fiscal year 2021/2022.
The sources said that the revenue collection target for Inland Revenue would be Rs5,044 billion during the next fiscal year as against project revenue collection of Rs3,991 billion during the outgoing fiscal year.
The collection targets for fiscal year 2021/2022 under different heads have been projected as: Income Tax Rs2,182 billion; Sales Tax Rs2,506 billion; Federal Excise Duty Rs356 billion; and Customs Duty at Rs785 billion.