FBR ‘sets’ Rs12,970bln tax collection target for FY2024-25

The Federal Board of Revenue (FBR) has ‘fixed’ the Rs12,970 billion tax collection target for the upcoming fiscal year 2024-25, ARY News reported, citing sources.

The PML-N-led coalition government will present budget 2024-25 tomorrow (Wednesday).

Sources privy to the development said direct taxes worth Rs3452 billion and custom duty worth Rs267 bln will be slapped in the budget 2024-25.

New taxes are proposed for income tax, capital value, sales, services, FED and other.

Read more: Sugar, rice, flour, milk prices likely to ‘increase’ in budget 2024-25

Earlier, it emerged that Inflation will likely to increase in the 2024-25 federal budget as the International Monetary Fund (IMF) has ‘asked’ Pakistan to reduce sales exemptions further.

As per details, the prices of milk, tea, sugar, rice, flour, and packed milk are likely to increase in the budget 2024-25 as the international lender has asked Islamabad further to reduce the sales tax exemptions for fresh loan.

The IMF has demanded imposing a 5-10% sales tax on the zero-rated sales tax sector, the sources said and added that pressure is being asserted to end tax exemptions in FATA and PATA by June 30.