Islamabad: Finance Minister Miftah Ismail on Tuesday visited the Federal Board of Revenue (FBR) headquarters and discussed tax collection in the present fiscal year and the probability of establishing next fiscal year’s target at PKR 7 trillion, according to news sources.
FBR Chairman Asim Ahmad informed the finance minister that the revenue collection for the existing fiscal year may remain around PKR 6 trillion, which will be nearly PKR 100 billion less than the target agreed with the International Monetary Fund (IMF). The FBR chairman shared the measures in place to mitigate the collection shortfall, which included ensuring collection in disputed tax matters.
It was also highlighted that IMF wants a tax collection target of PKR 7.25 trillion to be set for Pakistan for FY 2022-23, which will be 19% higher than this year’s target of PKR 6.1 billion. The target suggestion by IMF is aimed at bridging the revenue collection gap between revenue collection, which doesn’t seem feasible in the current circumstances. The talks with IMF and Finance Ministry are due to begin next week.
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