Budget 2022-23: FBR aims for over Rs7,255bn tax collection

ISLAMABAD: With the federal government planning to present the budget 2022-23 on June 10 (tomorrow), the Federal Board of Revenue (FBR) has set a tax collection target for the upcoming fiscal year at Rs7,255 billion.

According to the sources, the next fiscal year’s budget outlay will be Rs9,000 billion. Meanwhile, preparations are being made to impose indirect taxes on the people.

The budget proposesd to increase the direct tax collections in the next fiscal year by Rs1,048 billion while the target for indirect tax collection has been proposed at Rs4,695 billion

According to sources, the Federal Board of Revenue (FBR) tax target is proposed to be set at Rs7,255 billion while the non-tax revenue is estimated to be Rs1,626 billion.

The incumbent coalition government is all set to present the budget for the fiscal year 2022-23 in the Parliament on June 10 (Friday), with a special focus on fiscal consolidation to contain the budget deficit.

The budget would be presented by Federal Minister for Finance and Revenue, Miftah Ismail.

According to official sources, the budget has been formulated while considering the existing challenges being faced by economy at domestic and international fronts. Hence, mitigating people’s suffering, transforming agriculture sector, promoting Information Technology (IT), boosting industries and bolstering businesses would be the main focus of the document.