Finance Minister Miftah Ismail has directed the Federal Board of Revenue (FBR) to make all-out efforts for the achievement of the enhanced revenue collection target of Rs 7.4 trillion for the fiscal year 2022-23 (FY23).
Sources said that the finance minister and Minister of State for Finance Dr Aisha Ghaus Pasha had a detailed briefing from the FBR on major tax-related issues at the FBR Headquarters on Wednesday.
Tax officials informed that the achievement of the Rs. 7.4 trillion revenue collection target for FY23 would largely depend on the performance of the economy and the effective enforcement by FBR.
The revenue impact of super tax imposed on big industries/sectors has been estimated at Rs. 80 billion for FY23 to generate additional revenue of Rs. 466 billion in the current fiscal year.
The total impact of the new measures taken through amendments to the Finance Bill 2022 was calculated at around Rs. 235 billion including the reversal of tax relief for the salaried class.
The FBR has taken net taxation measures of Rs. 355 billion in the budget. Now additional taxation measures of Rs. 235 billion have been taken and net revenue measures now stand at Rs. 590 to Rs. 600 billion.
The FBR officials informed that the super tax imposed on 13 large industries through the amended Finance Bill 2022 would be applicable to the tax year (2021-22). The one-time super tax would be applicable to companies and sectors specified in the amended Finance Bill 2022. The companies liable to pay super tax would deposit the amount at the time of filing of income tax returns in December 2022.
Tax authorities highlighted measures to expand the tax net including measures to increase the number of big retailers under the point of sale (PoS) system.
The FBR informed that the FBR’s PoS System to document the retail sector has integrated a total of 10,611 PoS machines of 4,563 Tier-1 Retailers across the country.
The FBR has captured Large Scale Manufacturing (LSM) across the country through Track & Trace System (TTS) which has already started paying dividends.
