Govt to Up Tax Collection Target to Rs. 7.4 Trillion for FY23

The new revenue collection target of the Federal Board of Revenue (FBR) would be Rs. 7,426 billion for the next fiscal year.

According to sources, the tax projections for 2022-23 have been increased from Rs. 7,004 billion to Rs. 7,426 billion for 2022-23, depicting an increase of Rs 422 billion. The target has been increased after new taxation measures would be taken through amendments in the Finance Bill 2022.

The FBR has provisionally collected net revenue of Rs. 5,349 billion during July 2021-May 2022 against the assigned target of Rs. 5,130 billion, reflecting an increase of Rs. 219 billion. Now, the FBR has to collect an amount of Rs. 751 billion in June 2022 to meet the upward revised target of Rs. 6,100 billion.

The FBR has collected net revenue of Rs. 5,349 billion during July 2021-May 2022 of the current financial year 2021-22. This represents a growth of about 28.4 percent over the collection of Rs. 4,164 billion during the same period last year.



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