Revenue target of Rs 5.1 trillion likely to be set for upcoming fiscal year

ISLAMABAD: The Federal Board of Revenue (FBR) is likely to set the revenue collection target at Rs5,100 billion for next fiscal year of (2020-21), keeping in consideration the existing and post- Covid situation.

For the current fiscal year (2019-20), the downwardly reviewed revenue collection target of Rs3, 908 billion would be achieved with the renewal of economic activities, Member FBR, Inland Revenue ( IR)- Policy Dr Hamid Ateeq Sarwar told state-run news agency here the other day.

He said that FBR expected to collect Rs500 billion by the April end, however so far it had collected Rs145 billion and keeping in view this trend, the total collections during the month would reach Rs210, he said adding that the COVID-19 had affected the collections.

Replying to a question on recently issued different SROs in current amid COVID -19 scenario, he said that FBR had exempted the two percent duty on editable oil and withdrew the duties on pulses, wheat , flour and sugar items. He expect that price of these items would come down by 10 to 15 percent in the coming days.

The Member FBR, Inland Revenue (IR)- Policy said that the 61 import items had been sent to FBR which was necessity in current situation of COVID-19 by Federal Ministry of Health.

Replying to another question on relief package to the constructing industry and fixed tax regime, he said that FBR had completed all the procedures in this regards after the approval of the ordinance.

Dr Hamid Ateeq Sarwar said that this package was mainly for builders and developers and this relief package would start by December 25, adding that construction industry can get benefits of this package by September 20, 2022.

He said that those who want to launch new housing societies would have to pay 10 percent of fixed tax to start their business.

Dr Hamid Ateeq said that the recent decline in petroleum prices was related to demand and supply, adding that the FBR faced loss of Rs 15 billion in minimisation of taxes on petroleum items.

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