Rs3,500 billion raise in FBR’s tax collection recommended for next FY

Increasing the Federal Board of Revenue’s (FBR) tax collection by Rs3,500 billion for the next financial year (FY) 2024-25 has been proposed in the upcoming national budget, reported 24NewsHD TV channel on Tuesday.

Sources told 24News that a suggestion had also been made to set the FBR’s tax collection target at Rs12,970 billion for the next FY.

There was also a proposal in the budget, sources added, to levy additional taxes of over Rs2,000 billion, namely income tax, capital value tax, sales tax, goods and sales tax services.     

Likewise, they revealed that a recommendation had been made to set the volume of tax collection by Inland Revenue at Rs11,379 billion.

They informed that another suggestion was to collect an additional Rs1,312 billion under the head of sales tax in the next fiscal year so that the target of Rs4,919 billion could be met.

Similarly, sources said that there was a suggestion to collect an additional amount of Rs267 billion under the head of customs duty in the next FY so that the target of Rs1,591 billion could be achieved.   

Reporter: Waqas Azeem