PKR 9.2 Trillion tax revenue targeted for FY2024

May 23, 2023

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The Federal Board of Revenue (FBR) is expected to set a tax collection target ranging between Rs 9 trillion to Rs 9.2 trillion for the fiscal year 2023-24.

Sources have revealed that the tax projections for the upcoming year will be finalized in consideration of the significant revenue shortfall experienced by the FBR in 2022-23. To address this, the rates of certain withholding taxes, as well as sales tax and excise duty, are anticipated to be further increased in the upcoming budget (2023-24). The FBR has proposed several significant measures to enhance the documentation of the economy, along with direct tax measures for asset taxation and other revenue generation strategies.

To achieve the desired annual tax collection target of Rs 7.64 trillion, the FBR needs to collect Rs 2.58 trillion in federal taxes during the final quarter (April-June).

A meeting was chaired by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at the Finance Division to discuss the budgetary proposals presented by the FBR. The meeting was attended by Minister for States for Finance and Revenue Dr. Ayesha Ghous Pasha, Special Assistant to the Prime Minister (SAPM) on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousuf Tola, Secretary Finance, Chairman FBR, and other senior officers from the Finance Division and FBR.

During the meeting, Chairman FBR Asim Ahmad provided a detailed presentation on the budgetary proposals for the Federal Budget 2023-24, which were thoroughly discussed.