Govt Sets Tax Revenue Target of Rs. 7,004 Billion with New Measures

The government has set a target of Rs. 7,004 billion to be collected by the Federal Board of Revenue (FBR) for the next fiscal year. The direct tax target has been set as Rs. 2,594 billion, 16.5 per cent higher than the previous year’s expected base collection.

The sales tax (ST) target has also increased to Rs 2,940 billion compared to this year’s Rs. 2,576 billion. The Federal Excise Duty (FED) target is Rs 420 billion, 24.6 per cent higher than the previous year’s Rs. 337 billion.

The government has proposed an increase of Rs. 28 billion in Customs duties. In addition, there are several taxation measures in ST, FED, and Rs. 267 billion for taxation measures have been earmarked for the Income Tax slab.