{"id":58675,"date":"2019-12-14T10:49:51","date_gmt":"2019-12-14T10:49:51","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=58675"},"modified":"2020-01-28T06:24:57","modified_gmt":"2020-01-28T06:24:57","slug":"fy20-tax-targets-could-revised-down-fbr-chairman","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fy20-tax-targets-could-revised-down-fbr-chairman.html","title":{"rendered":"FY20 tax targets could be revised down: FBR chairman"},"content":{"rendered":"<p>Islamabad: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi recently informed the Senate Standing Committee on Finance that the taxation authority may consider lowering the tax collection target (currently set at PKR 5.5 trillion) for Fiscal Year 2019-20, according to news sources.<\/p>\n<p>Zaidi attributed the PKR 200 billion shortfall in tax collection during the first five months of this fiscal year to the import compression of over USD 2 billion. He said that imports contributed to 50% of the tax revenue collection. The total tax collected in the last five months\u2019 amounts to PKR 1,618 billion against the PKR 5.5 trillion target set for the FY 2019-20.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-deadline-file-income-tax-returns-expire-few-days.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR deadline to file income tax returns to expire in few days<\/a><\/p>\n<p>He also informed the meeting that the turnover threshold had been increased to PKR 100 million from PKR 10 million following the successful negotiations held with the country\u2019s retailers and wholesalers. The FBR chairman revealed that the rate of minimum tax had also been reduced to 0.5%. He opined that wholesalers and retailers contribute 18% to the Gross Domestic Product (GDP), but pay only 3% of tax revenue collection. He revealed that FBR was committed to maintaining its Computerised National Identity Card (CNIC) condition for traders.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-committed-bringing-undocumented-smes-tax-net-zaidi.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR committed to bringing undocumented SMEs into tax net: Zaidi<\/a><\/p>\n<p>Chairman Zaidi said that a <a href=\"https:\/\/www.zameen.com\/news\/fbr-prepares-fixed-tax-law-draft-shopkeepers.html\" target=\"_blank\" rel=\"noopener noreferrer\">policy for retailers<\/a> and traders, and another for small businesses will would unveiled in near future, which would include incentives and facilities for the small and medium enterprises (SMEs).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi recently informed the Senate Standing Committee on Finance that the taxation authority may consider lowering the tax collection target (currently set at PKR 5.5 trillion) for Fiscal Year 2019-20, according to news sources. Zaidi attributed the PKR 200 billion shortfall in tax collection during the first five months of this fiscal year to the import compression of over USD 2 billion. He said that imports contributed to 50% of the tax revenue collection. The total tax collected in the last five months\u2019 amounts to PKR 1,618 billion against the PKR 5.5 trillion target set for the FY 2019-20. Read:\u00a0FBR deadline to file income tax returns to expire in few days He also informed the meeting that the turnover threshold had been increased to PKR 100 million from PKR 10 million following the successful negotiations held with the country\u2019s retailers and wholesalers. The FBR chairman revealed that the rate of minimum tax had also been reduced to 0.5%. He opined that wholesalers and retailers contribute 18% to the Gross Domestic Product (GDP), but pay only 3% of tax revenue collection. He revealed that FBR was committed to maintaining its Computerised National Identity&hellip;<\/p>\n","protected":false},"author":75,"featured_media":57408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[14432],"persona":[],"class_list":{"0":"post-58675","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-fy20-tax-targets-could-be-revised-down-fbr-chairman","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FY20 tax targets could be revised down: FBR chairman - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi recently informed the Senate Standing Committee on Finance that the taxation authority\" \/>\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\/fy20-tax-targets-could-revised-down-fbr-chairman.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FY20 tax targets could be revised down: FBR chairman - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi recently informed the Senate Standing Committee on Finance that the taxation authority\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fy20-tax-targets-could-revised-down-fbr-chairman.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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