ISLAMABAD, May 27(ABC): The Federal Board of Revenue (FBR) has been asked to fetch Rs7.2 trillion in taxes for the upcoming budget by the International Monetary Fund (IMF), with a target on personal income tax (PIT) and harmonisation of general sales tax (GST), reported Friday.
A top official source confirmed the reports by saying that discussions are underway, with the FBR pitching up the tax collection target in the range of Rs6.9 trillion. However, IMF urged extending the range of the Board’s tax collection up to Rs7.2 trillion in the 2022-23 budget.
Meanwhile, FBR Chairman Asim Ahmed said that work in this regard was still underway. With the implementation of the Fund’s diktat, Pakistan’s overall tax collection would swell to Rs7.2 trillion for the next budget against revised estimates of Rs5.9 to Rs6 trillion for the current fiscal year.
The government was also facing difficulty in materialising the non-tax revenue target for the outgoing fiscal year, as the State Bank of Pakistan (SBP) did not provide its quarterly profit of an estimated Rs200 billion to the Ministry of Finance after enactment of the new SBP Amendment Act 2022. This amount might be provided in the next fiscal year, but it was difficult for the SBP to give it before June 30, 2022.