According to government sources, the Federal Board of Revenue (FBR) has set a Rs 5,829 billion tax collection target for the fiscal year 2021-22.
The FBR has set a target for sales tax collection of Rs 2,506 billion in the next fiscal year 2021-22, according to the budget draft.
According to sources, a target of Rs 2,182 billion has been set for direct tax income collection, with a target of Rs 2,506 billion for sales tax collection.
The objective for federal excise duty collection is Rs 356 billion; the aim for customs duty collection is Rs 785 billion; the growth target for income tax collection is 22 percent; and the growth target for sales tax collection is 30 percent.
Pakistan, IMF to discuss tax target next week
The talks between the IMF and Pakistan will continue next week to bridge their differences over quantum of new taxation measures, although only five days are left in presentation of the budget for fiscal year 2021-22.
According to sources, the federal excise duty growth target has been set at 29%, the customs duty objective will be 12.1%, and the objective for sales tax on goods would be Rs 2,503 billion. It was determined to set a sales tax collection target of Rs 2.61 billion for services.
The federal excise duty objective for the beverages sector is Rs 5.135 billion, whereas the aim for the beverages sector is Rs 33.64 billion. The Rs 134.54 billion goal for federal excise duty has been set.
According to sources, the federal excise duty objective for the natural gas sector is Rs 11.97 billion, the federal excise duty objective for petroleum products is Rs 4.32 billion, and the federal excise duty objective for imported goods is Rs 2.17 billion.