Chairman of the Federal Board of Revenue (FBR), Asim Ahmad, provided the Finance Minister, Miftah Ismail, with a first draught of budget suggestions worth Rs. 300 billion for consideration in the next fiscal budget
Ministry of Finance conducted a preliminary meeting for the IMF negotiations on Monday. Data on revenue collection for 2021-22, revenue trends, tax predictions for the following fiscal year, and an early sketch of budget plans for 2022-23 were given at the conference by tax officials.
Withdrawal of exemptions, changes in personal income tax slabs, imposition of new taxes, augmentation of tax rates, tax relief measures, tariff rationalization, and expected revenue from enforcement and administrative actions in 2022-23 were all included in the budget recommendations.
During the IMF preliminary meeting at the Finance Ministry, the structural benchmarks established with the IMF were also addressed in depth.
Dr. Aisha Ghaus Pasha, Minister of State for Finance and Chairman of the Federal Board of Revenue will travel to Doha on Tuesday (May 17), while Finance Minister Miftah Ismail will arrive the following day, on Wednesday (May 18).
According to sources, revenue measures of over Rs. 300 billion may be necessary for the next budget (2022-23) to fulfil the expected revenue collection goal of Rs. 7.2 trillion for the next fiscal year. By the conclusion of the current fiscal year, the FBR would have accumulated roughly Rs. 6 trillion.
Based on macroeconomic statistics and predicted autonomous revenue growth in 2022-23, the FBR expects to collect Rs. 6.8 trillion to Rs. 6.9 trillion. As a result, revenue measures of Rs. 300 billion may be necessary to achieve the expected tax expectations of Rs. 7.2 trillion for the upcoming fiscal year.