FBR to Introduce New Taxation Measures to Collect Additional Rs. 300 Billion

Finance Minister, Miftah Ismail, has directed the Federal Board of Revenue (FBR) to propose the new taxation measures during the budget preparation exercise for the next fiscal year (2022-23).

Sources told Propakistani that the issue of new taxation measures was discussed during the meeting of the Finance Minister with Chairman FBR, Asim Ahmad, and FBR members. During the presentation of the FBR, Finance Minister directed the FBR to chalk out new measures to meet the tax collection target of Rs. 7.2 trillion for 2022-23.

The FBR high-ups informed the Finance Minister that the new tax measures of Rs. 300 billion could be proposed to meet the new target for 2022-23, sources added.

The Minister for Finance also visited the Federal Board of Revenue (Headquarters), Islamabad, this morning to review performance and the ongoing drive for tax compliance by the country’s premier revenue collection organization.

During the meeting, Chairman FBR gave a detailed briefing to the minister on the overall performance and revenue targets and collection made during the first ten months (July 2021- April 2022) of the current financial year. Minister for Finance expressed his satisfaction and generously appreciated FBR for achieving the target. He hoped that FBR will continue to maximize revenue collection in the next two months to meet the upward revised target fixed for the current financial year, 2021-2022.

He also expressed his desire for FBR to explore all avenues of tax compliance, and thus, make all-out efforts to harness true revenue potential across Pakistan. Mr. Miftah assured Chairman FBR of his total support in the ongoing tax collection drive in the country.

Chairman FBR also gave a detailed account of the flagship initiatives, including Point of Sale (POS) and Track and Trace System (TTS). He assured the Finance Minister that all measures would be taken to further improve these initiatives and tap the real revenue potential in Retail as well as Large Scale Manufacturing Sectors.

The minister appreciated various digital innovative measures adopted by Pakistan Customs, which include Clearance in the Sky. He also commended the digitalization drive of FBR to automate business processes, ensure ease of doing business, and thereby facilitate taxpayers. Similar digital interventions should be made at seaports to ensure seamless and smooth clearance of cargo, the minister emphasized.

The minister reiterated that all avenues must be explored and meaningful budget proposals presented before the Government to maximize tax collection without creating any additional burden on the common man, he concluded.

  • Now there is a time to fix agricultural tax at least rs 10 per acre.2 stop petrol facility to all government servants buracutes judges mnas measures fr one year don’t enhance pay of all already getting pay of Moreton 2 lacs.every person having 50 thousand earnings should be taxed 2 %.All taxes be paid through a bill like electricity.gas

  • close