FBR sets Rs5,829bn tax collection target for FY 2021-22

ISLAMABAD: The Federal Board of Revenue (FBR) has fixed the Rs5,829 billion tax collection target for the upcoming fiscal year 2021-22, ARY News reported, citing sources.

According to the outlines of the budget for the next fiscal year 2021-22, the FBR has fixed target for sales tax collection at Rs2,506 billion.

Sources said that it has been decided to set a target of Rs2,182 billion for direct tax income collection, out of which the target for sales tax collection is Rs2,506 billion.

The target for federal excise duty collection will be Rs356 billion, customs duty collection target will be Rs785 billion, growth target for income tax collection has been predicted at 22% and growth target for sales tax collection has been fixed at 30%.

Sources said that the growth target for federal excise duty has been set at 29 per cent, the target for customs duty will be 12.1 per cent and the target for sales tax on goods will be Rs2,503 billion. It has been decided to set a target of Rs2.61 billion for sales tax collection on services.

The target for federal excise duty from the beverages sector is Rs5.135 billion, the target for federal excise duty from beverage sector is Rs33.64 billion. The target of federal excise duty has been set at Rs134.54 billion.

Sources said that the target of federal excise duty from the natural gas sector is Rs11.97 billion, the target of federal excise duty from petroleum products has been fixed at Rs4.32 billion, the target of federal excise duty from imported goods is Rs2.17 billion.