Govt Aims to Increase Taxes Next Fiscal Year

The federal government is likely to set a target to collect Rs. 1.582 trillion from non-tax revenue during the next fiscal year, which is Rs. 199 billion more than the current fiscal year.

Sources in the Ministry of Finance told ProPakistani that the government wants to set a target to collect Rs. 1,582 billion from nontax revenue during the next fiscal year. The target of the nontax collection for the current fiscal year was Rs. 1,383 billion.

The officials, involved in the budget-making process are considering different proposals to set a target of nontax revenue for federal and provincial governments for the next fiscal year. According to a proposal, they intend to set a target to collect Rs. 1,300 billion through nontax revenue for the federal government and Rs. 282 billion for the provincial governments.

The federal government collected Rs. 1,052 billion through nontax revenue during the first nine months of the current fiscal year, according to a report by the Minister of Finance, Miftah Ismail, which also shows that the federal government collected Rs. 958 billion during this period while the provincial governments collected Rs. 94 billion.

The federal government has also increased the projection of income through the Gujarat Industrial Development Corporation (GIDC) from Rs. 60 billion to Rs. 68 billion for the next fiscal year as compared to the current fiscal year.