FBR tax collection in October reaches Rs707 bn

KARACHI: The Federal Board of Revenue (FBR) announced tax collection of Rs 2748 billion from July till October, surpassing the collection target, ARY NEWS reported.

According to the FBR, the tax collection target for October was Rs 707 billion, which was also 37 percent more than the last month of October.

The FBR officials said that the tax collection last year in October was Rs 516 billion whereas the refund tax from July to October was Rs 158 billion.

On October 28, the Federal Board of Revenue (FBR) finalized its tax recommendations to be presented before the International Monetary Fund (IMF) during the lender’s upcoming visit to Pakistan, ARY News reported on Saturday.

Read more: FBR finalises tax recommendations to present before IMF

FBR officials have made it clear that the discussions with the IMF will not include the consideration of imposing new taxes and taxes on lower-income individuals. Adding that those earning a monthly income of Rs 50,000 will continue to be granted exemption from income tax.

The FBR officials confirmed that those earning more than Rs 600,000 per annum are not exempted from paying the taxes imposed by the government, as there is no current policies or proposal under consideration to withdraw tax exemptions.

The FBR further clarified that the World Bank has not recommended reducing the tax on the existing threshold of 600,000.

The imposition of taxes on income derived from the agricultural sector was underscored as a provincial matter.