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FBR assigned revenue collection target of Rs4963b for FY202-21

FBR assigned revenue collection target of Rs4963b for FY202-21

ISLAMABAD: Federal Board of Revenue (FBR) has been assigned 27 percent higher revenue collection target for fiscal year 2020 despite challenging economic conditions due to COVID-19.

According to official documents of Budget 2020/2020, the FBR has been assigned revenue collection target of Rs4,963 billion during upcoming fiscal year as compared with expected current revenue collection of Rs3,908 billion during the outgoing fiscal year, which is Rs1,055 billion higher.

The collection target under direct tax has been estimated at Rs2,043 billion during fiscal year 2020/2021 as compared with expected collection of Rs1,623 billion in the current fiscal year, which is Rs420 billion higher.

Under direct tax collection, target for income tax has been estimated at Rs2,037 billion, workers welfare fund at Rs3.2 billion and capital value tax at Rs3 billion.

The collection of indirect taxes has been estimated at Rs2,920 billion during next fiscal year as compared with existing estimated collection of Rs2,285 billion during the current fiscal year, which is Rs635 billion higher.

Under indirect taxes, the collection target of customs duty has been set at Rs640 billion, sales tax at Rs1,919 billion and federal excise duty at Rs361 billion.

Targets for collection of other taxes are included: ICT Rs20.47 billion; Mobile handset levey Rs5.8 billion; airport tax Rs25 million, Gas Infrastructure Development Cess (GIDC) Rs15 billion; National Gas Development Surcharge Rs10 billion etc.

The collection of petroleum levy has been estimated at Rs450 billion for next fiscal year as compared with existing collection of Rs260 billion, which is 73 percent higher.

The target for total tax revenue has been set at Rs5,464 billion during fiscal year 2020/2021 as compared with Rs4,208 billion expected to be collected during current fiscal year.