ISLAMABAD: The proposed Finance Supplementary (Second Amendment) Bill, 2019 or reform package will negatively impact the revenue collection to the tune of Rs6.8 billion, Federal Board of Revenue (FBR) said in a statement.
The tax revenue collecting agency of Pakistan on Friday while clarifying news reports regarding additional revenue measures in the finance supplementary bill, it said that the revenue board would not get additional revenue.
The FBR said that no new tax had been imposed through the bill.
In order to reduce import volume and maintain Rupee/Dollar parity the government took measures to increase excise duty on vehicles with cylinder capacity above 1800CC.
The measure likely to generate around Rs3 billion, the FBR said, adding that on the other hand the government had announced relief measures around Rs10 billion.
Overall the FBR will face revenue loss of Rs6.8 billion through the implementation of proposed measures, the statement said.