ISLAMABAD: Chairman Federal Board of Revenue Asim Ahmad says tax collection target of over 7000 billion rupees has been set for the next fiscal year.
Talking to media, he said in this budget, our main focus is on direct taxes as 75 percent of our proposals are linked with income tax and direct taxes.
The Chairman FBR said relief has been given in the budget to ease burden of the common man.
On the occasion, the Chairman FBR was briefed that tax rebates have been introduced for Agro-based items, packaging sector, textile, chemicals, footwear, material used in LED lights and 26 ingredients used in Pharmaceutical.
FBR Chairman Asim Ahmed said that an audit will be conducted once in four years. It was suggested to impose a 5 to 10 per cent tax on welfare certificates and a reduction of taxation on IT exports from 1 per cent to 0.25%.
“One per cent tax is fixed at the open plot for investment purpose in accordance with the land value, whereas, the exemption will be given on one plot. Tax will be imposed on unused residential and commercial plots. Moreover, industrial plots and farmhouses will also be taxed.”
“The period of the Capital Gain Tax (CGT) has been extended and 15 per cent CGT will be charged during the first year and 12.5% in the second year. Tax for non-filers is increased from 2% to 5% for the sale and purchase of the property.”
The federal budget 2022-23 has a total outlay of 9502 billion rupees has been announced, encompassing measures for what the government termed ‘sustainable economic growth, industrial and agriculture development and relief for the poor people’.
Major points and announcements
Remittances target 33.2 billion PKR
GDP growth target set at 5 per cent
Inflation to be brought down at 11.5 per cent
FBR Revenue Target at 7004 billion PKR
Non-Tax revenue target at 2000 billion
Import target at USD 70 billion
Export target at USD 35 Billion
End of 8 percent withholding tax on distributors, producers
Advance tax will be increased on cars above 1600cc
