Islamabad: Adviser to the Prime Minister (PM) on Finance and Revenue Dr Abdul Hafeez Shaikh reviewed budget proposals, including targets for taxation measures, ahead of the budget session scheduled for the second week of June, a news source reported.
The adviser, who presided over a meeting that was attended by Federal Board of Revenue (FBR) Chairman Shabbar Zaidi, among others, discussed various proposals pertaining to the revenue target for the (fiscal year) FY2019-20.
The government is planning to introduce additional taxes equaling PKR 775 billion in the upcoming budget—by imposing sales and income tax. The executive hopes to collect PKR 5.55 trillion in taxes for the FY2019-20.
FBR Chairman Shabbar Zaidi gave briefings with respect to the budget proposals. He also suggested measures for expanding the tax base in order to meet revenue target.
Officials of the finance ministry and FBR will reportedly present their budget recommendations in a meeting of the federal cabinet, which is expected to take place on May 28. Furthermore, a budget strategy paper will be shared with the National Economic Council (NEC) on May 29.