{"id":64331,"date":"2020-04-20T16:23:36","date_gmt":"2020-04-20T11:23:36","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=64331"},"modified":"2020-04-23T17:42:18","modified_gmt":"2020-04-23T12:42:18","slug":"imf-reduces-fbrs-tax-collection-targets-fy2019-20","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/imf-reduces-fbrs-tax-collection-targets-fy2019-20.html","title":{"rendered":"IMF reduces FBR\u2019s tax collection targets for FY2019-20"},"content":{"rendered":"\n<p>Islamabad: The International Monetary Fund (IMF) has reduced its tax collection targets communicated to the Federal Board of Revenue (FBR) for FY2019-20, a new source, basing its information in a recent IMF staff circular, reported. As such, the tax collection target has been reduced to PKR 3.908 trillion from the previous figure of PKR 4.8 trillion.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/fbr-collect-pkr-2-5-trillion-four-months-meet-fy-2019-20-tax-targets.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to collect PKR 2.5 trillion in four months to meet FY 2019-20 tax targets<\/a><\/p>\n\n\n\n<p>The IMF staff report revealed that as a percentage of the GDP, the tax collection target for FY2019-20 projected a decline to 9.3% from its previous value of 10.9%. Other reduced projections are as follows: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Sales tax \u2014 down to PKR 1.427 trillion from PKR\n1.852 trillion<\/li><li>Direct tax collection \u2014 down to PKR 1.6 trillion\nfrom PKR 1.9 trillion<\/li><li>Federal excise duty \u2014 down to PKR 312 billion\nfrom PKR 329 billion<\/li><li>Customs duty \u2014 down to PKR 546 billion from PKR\n697 billion<\/li><\/ul>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/imf-asked-lower-tax-collection-target-pakistan.html\" target=\"_blank\" rel=\"noreferrer noopener\">IMF asked to lower tax collection target<\/a><\/p>\n\n\n\n<p>For the next fiscal year, the IMF has projected a tax collection target of PKR 5.101 trillion. Before the COVID-19 pandemic, this target was PKR 6.138 trillion. On the other hand, the IMF has announced a fiscal stimulus package worth 1.2% of the GDP. This package includes: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Relief to vulnerable families by expanding existing\nprogrammes and increased disbursements<\/li><li>Making the Utility Stores Corporation (USC)\nnetwork stronger and providing funds to improve food security<\/li><li>Temporary decrease in food prices to make\nessential items affordable<\/li><li>Reducing oil prices<\/li><li>Payment of utility bills in instalments<\/li><li>Exemption of essential health machinery and\nequipment from taxes to make healthcare affordable<\/li><li>Supporting daily wagers by setting up a PKR 200\nbillion fund<\/li><li>Increased funding to the National Disaster\nManagement Authority of Pakistan (NDMA)<\/li><li>Setting up a contingency fund<\/li><li>Eliminating the backlog of GST tax refunds for\nexport sector<\/li><\/ul>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/imf-reduces-fbrs-tax-collection-target-to-pkr-5-23trn.html\" target=\"_blank\" rel=\"noreferrer noopener\">IMF reduces FBR\u2019s tax collection target to PKR 5.23trn<\/a><\/p>\n\n\n\n<p>Furthermore, the federal government has announced a special relief package for the construction industry in order to help it overcome the financial challenges posed by the ongoing COVID-19 crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The International Monetary Fund (IMF) has reduced its tax collection targets communicated to the Federal Board of Revenue (FBR) for FY2019-20, a new source, basing its information in a recent IMF staff circular, reported. As such, the tax collection target has been reduced to PKR 3.908 trillion from the previous figure of PKR 4.8 trillion. Read: FBR to collect PKR 2.5 trillion in four months to meet FY 2019-20 tax targets The IMF staff report revealed that as a percentage of the GDP, the tax collection target for FY2019-20 projected a decline to 9.3% from its previous value of 10.9%. Other reduced projections are as follows: Sales tax \u2014 down to PKR 1.427 trillion from PKR 1.852 trillion Direct tax collection \u2014 down to PKR 1.6 trillion from PKR 1.9 trillion Federal excise duty \u2014 down to PKR 312 billion from PKR 329 billion Customs duty \u2014 down to PKR 546 billion from PKR 697 billion Read: IMF asked to lower tax collection target For the next fiscal year, the IMF has projected a tax collection target of PKR 5.101 trillion. Before the COVID-19 pandemic, this target was PKR 6.138 trillion. On the other hand, the IMF has announced&hellip;<\/p>\n","protected":false},"author":68,"featured_media":61048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[26747],"persona":[],"class_list":{"0":"post-64331","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-imf-reduces-fbrs-tax-collection-targets-for-fy-2019-20","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>IMF reduces FBR\u2019s tax collection targets for FY2019-20 - Zameen News<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) has reduced its tax collection targets communicated to the Federal Board of Revenue (FBR) for FY2019-20.\" \/>\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\/imf-reduces-fbrs-tax-collection-targets-fy2019-20.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF reduces FBR\u2019s tax collection targets for FY2019-20 - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) has reduced its tax collection targets communicated to the Federal Board of Revenue (FBR) for FY2019-20.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/imf-reduces-fbrs-tax-collection-targets-fy2019-20.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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