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Friday June 21, 2024

Major chunk of FBR revenue to come from income tax

FBR has imposed additional taxes of Rs223 billion in the budget for 2023-24 and the major chunk of revenue collection will be obtained through Income Tax

By Our Correspondent
June 10, 2023
Major chunk of FBR revenue to come from income tax

ISLAMABAD: The FBR has imposed additional taxes of Rs223 billion in the budget for 2023-24 and the major chunk of revenue collection will be obtained through Income Tax. 

The increase in Income Tax will help net an additional collection of Rs185 billion but incentives will have an impact of Rs10 billion. So the net addition in Income Tax will fetch Rs175 billion in the next fiscal year 2023-24. 

In Sales Tax, the FBR proposed additional measures of Rs22 billion and there is no cost of tax relief. In customs duty, the FBR proposed taxation measures of Rs12 billion but provided more relief to the tune of Rs13 billion, so net addition will be negative Rs1 billion. In case of FED, the FBR has taken additional revenue measures of Rs4 billion with no tax incentive revenue impact. The net addition in all the four taxes will fetch Rs200 billion in the national kitty in the next budget for 2023-24.