{"id":57219,"date":"2019-11-05T12:39:47","date_gmt":"2019-11-05T07:39:47","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=57219"},"modified":"2019-11-05T12:39:47","modified_gmt":"2019-11-05T07:39:47","slug":"govt-imf-agree-slash-fbrs-tax-collection-target","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-imf-agree-slash-fbrs-tax-collection-target.html","title":{"rendered":"Govt, IMF agree to slash FBR&#8217;s tax collection target"},"content":{"rendered":"<p>Islamabad: The federal government and a delegation of the International Monetary Fund\u2019s review mission recently agreed to revise the tax collection target previously announced by the Federal Board of Revenue (FBR) for the tax year 2019-20, a new source reported. As per officials, the international institution proposed a decrease of PKR 233 billion in the proposed revenue target of PKR 5,503; asking the taxation to focus on collecting only PKR 5,270 billion for the current tax year.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/imf-proposes-setting-up-national-tax-collection-agency.html\" target=\"_blank\" rel=\"noopener noreferrer\">IMF proposes setting up National Tax Collection Agency<\/a><\/p>\n<p>Previously, the FBR had requested a PKR 300 billion reduction in its annual tax collection target. But, the IMF review mission set the figure at PKR 233 billion. This revision is based on the IMF\u2019s assumption that the import compression would keep on influencing the FBR\u2019s tax collection efforts in the coming months of this fiscal year as it has dropped by USD 400 million in October 2019.&#8217;<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-proposes-pkr-5-1-trillion-revenue-collection-target.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR proposes PKR 5.1 trillion revenue collection target<\/a><\/p>\n<p>An FBR official said that 50% of the tax revenue is generated at the import stage. He further said that customs collection at import stage had increased by 17-18%, while 30-32% income tax (<a href=\"https:\/\/www.zameen.com\/news\/fbr-notifies-importers-regarding-new-retail-clearance-regime.html\" target=\"_blank\" rel=\"noopener noreferrer\">withholding and general sales tax<\/a>) collected at import stage had contributed to an overall increase of 40-50% collection target.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The federal government and a delegation of the International Monetary Fund\u2019s review mission recently agreed to revise the tax collection target previously announced by the Federal Board of Revenue (FBR) for the tax year 2019-20, a new source reported. As per officials, the international institution proposed a decrease of PKR 233 billion in the proposed revenue target of PKR 5,503; asking the taxation to focus on collecting only PKR 5,270 billion for the current tax year. Read:\u00a0IMF proposes setting up National Tax Collection Agency Previously, the FBR had requested a PKR 300 billion reduction in its annual tax collection target. But, the IMF review mission set the figure at PKR 233 billion. This revision is based on the IMF\u2019s assumption that the import compression would keep on influencing the FBR\u2019s tax collection efforts in the coming months of this fiscal year as it has dropped by USD 400 million in October 2019.&#8217; Read:\u00a0FBR proposes PKR 5.1 trillion revenue collection target An FBR official said that 50% of the tax revenue is generated at the import stage. He further said that customs collection at import stage had increased by 17-18%, while 30-32% income tax (withholding and general sales tax) collected&hellip;<\/p>\n","protected":false},"author":75,"featured_media":25713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[13796],"persona":[],"class_list":{"0":"post-57219","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-details-on-govt-imf-agree-to-slash-fbrs-tax-collection-target"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt, IMF agree to slash FBR&#039;s tax collection target - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The federal government and a delegation of the International Monetary Fund\u2019s review mission recently agreed to revise the tax collection target\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/govt-imf-agree-slash-fbrs-tax-collection-target.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt, IMF agree to slash FBR&#039;s tax collection target - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The federal government and a delegation of the International Monetary Fund\u2019s review mission recently agreed to revise the tax collection target\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-imf-agree-slash-fbrs-tax-collection-target.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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