FBR unveils plan to achieve Rs7.47 trillion revenue collection target

FBR unveils plan to achieve Rs7.47 trillion revenue collection target

ISLAMABAD: Federal Board of Revenue (FBR) has unveiled strategy to achieve revenue collection target of Rs7.47 trillion during the ongoing fiscal year 2022-2023.

Officials in the FBR on Thursday said that revenue target for 2022-2023 has been fixed at Rs7.47 trillion which demands growth of 21.5 per cent over the collection of Rs6.148 trillion made during the last fiscal year.

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In absolute terms, around Rs1.32 trillion additional revenues are to be collected by the FBR in the current fiscal year to meet the target.

The target for 2022-2023 is challenging given the fact that 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.

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Nonetheless, 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 policy as well as operational levels. There is 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 Federal Excise Duty (FED) on international air travel, increased tax on luxury motor vehicles etc,” according to the officials.

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Keeping in view the past performance of FBR and the revenue measures taken during the current budget there are high hopes of achieving the tax target for fiscal year 2022-2023.

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