Re­al­is­tic tar­get of Rs3, 621b set for FY2016-17

Pakistan Observer - - ECONOMY WATCH -

ISLAMABAD—Keep­ing in view the im­prove­ment in na­tional econ­omy and macro eco­nomic sta­bi­liza­tion, Fed­eral Board of Rev­enue (FBR) has set a re­al­is­tic and achiev­able tar­get of Rs3, 621 bil­lion for Fis­cal Year 201617. “An in­crease of 10 per cent in rev­enues is ex­pected in term of ex­pected GDP (Gross Do­mes­tic Prod­uct) growth of 5.7 per cent and likely in­crease in the oil prices while around Rs150 bil­lion would be col­lected through the ad­di­tional tax mea­sures taken in the bud­get 2016-17,” said Rehmat­ul­lah Khan Wazir, mem­ber In­land Rev­enue Pol­icy while brief­ing me­dia here on Mon­day.

He said due to ad­min­is­tra­tive mea­sures, the FBR would be able to col­lect the re­main­ing amount and hope­fully the tar­get for FY17 would be achieved. He in­formed that cur­rently over 1.1 mil­lion tax­pay­ers were reg­is­tered with the FBR out of which 0.309 mil­lion were salaried per­sons. He said the govern­ment had in­tro­duced a num­ber of new mea­sures to bring more peo­ple into the tax net and the non-fil­ers were be­ing taxed heav­ily. He said the FBR was try­ing to col­lect real in­come tax and only those peo­ple should be taxed who could af­ford to pay. He in­formed that un­der Vol­un­tary Tax Com­pli­ance Scheme, 10,000 new peo­ple were brought to the tax net and a work­ing cap­i­tal of Rs85 bil­lion was de­clared by them.

He said dur­ing last three years the aver­age an­nual in­crease in the tax fil­ers re­mained 25 per cent. To a ques­tion Wazir said the ex­port regime was be­ing zero rated which would not only help in­crease of ex­ports but would also help re­solv­ing the long stand­ing is­sue of tax re­fund.—APP

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