The government is set to impose taxes on the people as a proposal has been made in the federal budget to set a target of Rs4,695 billion for the collection of indirect taxes, reported 24NewsHD TV channel on Thursday.
It has also been proposed in the federal budget to set a target of Rs2,560 for the collection of direct taxes.
It has also been proposed in the budget to set Rs7,255 billion as the tax collection target for the Federal Board of Revenue (FBR).
According to FBR Chairman Asim Ahmed, there is a proposal in the budget to reduce withholding tax, whereas, withholding tax on non-filers will remain the same. Those withholding taxes that are not generating revenue will be ended.
“A very good budget is coming this time. People will get relief,” said the FBR chairman.
“Documentation will continue through withholding tax,” added he.
Over Rs9 trillion budget to be unveiled tomorrow
The incumbent coalition government is all set to present the federal budget for the fiscal year 2022-23, with an estimated outlay of over Rs9 trillion, on June 10 (Friday-tomorrow).
The National Assembly is already in session where the budget for the fiscal year 2022-23 would be presented by Finance Minister, Miftah Ismail official sources said.
The budget had been formulated while considering the existing challenges being faced by economy at domestic and international fronts. Hence, mitigating people’s sufferings, transforming agriculture sector, promoting Information Technology (IT), boosting industrial and bolstering businesses would be the main focus of the document, sources said.
The government is firmly committed to presenting a pro-people, business-friendly and progressive Federal Budget FY 2022-23. It will pursue policies aimed at fiscal consolidation to contain budget deficit.
In addition to fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides job creation and people friendly policies for the socioeconomic prosperity of the country would feature in the budget.
It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector for investment.
On the revenue side, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax payers.
Keeping in view the robust growth of revenues during the current fiscal year (2021-22), the government is likely to set the revenue collection target at over Rs.7 trillion for the fiscal year 20222-23.
The budget is being prepared in close coordination between all departments and ministries involved in budget related events.
Sources said the preparations for the announcement of the federal budget for fiscal year 2022-23 continued in full swing in accordance with the prescribed timeliness.
The budget was being prepared in close coordination between all departments and ministries involved in budget related events including the presentation of the budget in the Parliament and launching of the Economic Survey, they added.
Reporter: Waqas Azeem