The federal government might fail to fulfil its tax targets for the fiscal year 2022-23, as the Federal Bureau of Revenue (FBR) is expected to fall Rs500 billion short of its targeted collections, Daily News Publisher reported citing FBR sources.
According to sources, the authority is expected to fall short of its annual target by at least Rs500 billion. A drop in the import bill could result in an FBR tax collections shortfall of Rs150 billion. A drop of $12 billion in the country’s import bill is expected in the fiscal year 2022-23.
A drop of Rs350 billion in sales and income tax is also expected due to the drop in import bills for 2022-23. The cumulative shortfall could be around Rs500 billion, sources said.
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The authority’s officials have informed the International Monetary Fund(IMF) about the probable drop in the collections. FBR is working on a strategy which help to increase FBR Tax Collections, which might include tightening screws around no-tax payers, to fill the gap caused by the import drop.
However, in August FBR net revenue of PKR 489 billion against the target of Rs483 billion in the second month of the fiscal year 2022-23.
According to a statement released by the tax collection body, FBR collected net revenue of Rs489 billion during August 2022, exceeding the target of PKR 483 billion against PKR 448 billion collected during the same period last year.
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