FBR sets record Rs3800 billion tax targets in next financial year: Zubair Tiwana

FBR chairman Muhammad Zubair Tiwana has claimed that during the next financial year tax collection targets has been set at record Rs3800 billion, reported 24NewsHD TV channel.

Addressing a press conference, the FBR chairman claimed that taxes worth Rs1800 billion will be collected through policy and enforcement as tax exemption of 400 to 450 billion rupees will be abolished.

He claimed that tax exemption of 150 billion rupees was being abolished in the context of customs duty. Chairman FBR further said a tax burden of Rs75 billion was imposed on the salaried class. The burden of taxes on the non-salaried class will touch Rs150 billion.

He said 5 percent excise duty has been levied on immovable property while excise duty has also been imposed on plots and commercial properties. FBR chief said exports were being brought under normal tax regime while the rate of withholding tax on retailers has been increased. He said additional taxes of 1761 billion rupees have been imposed in the budget.

Zubair Tiwana said that in terms of income tax, Rs443 billion taxes will be imposed in the next financial year. He said taxes of 224 billion rupees have been imposed in the name of principal income tax.

He said additional taxes of 450 billion rupees have been imposed in the name of sales tax while additional taxes of 70 billion rupees have been imposed in the name of excise duty.

Reporter: Waqas Azeem