The government has set a target of Rs. 7,004 billion to be collected by the Federal Board of Revenue (FBR) as taxes for the next fiscal year 2022-23 (FY23).
The budget documents presented at the National Assembly on Friday by the Minister for Finance, Dr. Miftah Ismail, shows that the revenue targets set by the government for the FBR have measures of Rs. 355 billion for the next fiscal year.
The direct tax target has been set as Rs. 2,594 billion, which is 16.5 percent higher than the previous year’s expected base collection of Rs. 2,227 billion.
The sales tax (ST) target has also been set upward to Rs. 2,940 billion compared to this year’s Rs. 2,576 billion, which is 14.1 percent higher.
The Federal Excise Duty (FED) target is Rs 420 billion, 24.6 percent higher than the previous year’s Rs. 337 billion, while the Customs duty target is Rs. 1,050 billion, which is 9.4 percent more than last year’s Rs. 960 billion.
Similarly, the government has announced net taxation measures of Rs. 355 billion. A closer look at the measures shows that the government is proposing an increase of Rs. 28 billion in Customs duties. There is an amount of Rs. 60 billion taxation measures in ST and FED, and Rs. 267 billion for taxation measures have been earmarked for the Income Tax slab.