The Federal Board of Revenue (FBR) has been mandated by the government to collect Rs. 7,004 billion in taxes for the fiscal year 2022-23. (FY23).
Dr. Miftah Ismail, Minister of Finance, submitted budget papers to the National Assembly on Friday, showing that the government’s revenue projections for the FBR contain measures of Rs. 355 billion for the next fiscal year.
A new tax collection goal of Rs. 2,594 billion has been established, which is an increase of 16.5 percent over the previous year’s estimated base collection of Rs. 2,227 billion.
Sales tax (ST) revenue has been increased by 14.1 percent to Rs. 2,940 billion from this year’s Rs. 2,576 billion.
For the FED, the objective is an increase of 24.6% over last year’s $337 billion, while the customs duty target is an increase of 9.4% over last year’s $960 billion.
Government plans to raise Rs. 355 billion in net tax revenue have also been unveiled. According to a deeper examination of the measures, the government intends to raise customs taxes by 28 billion rupees. ST and FED tax measures equal to Rs. 60 billion, while Rs. 267 billion have been allocated to the Income Tax slab for tax measures.