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