{"id":91795,"date":"2023-01-27T11:54:27","date_gmt":"2023-01-27T06:54:27","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=91795"},"modified":"2023-01-27T11:54:58","modified_gmt":"2023-01-27T06:54:58","slug":"fbr-tax-law-increase-revenue","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-tax-law-increase-revenue.html","title":{"rendered":"FBR to enact tax law amendments to increase revenue"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has decided to enact the Tax Laws Amendments Ordinance, 2023, to raise PKR 300 billion in revenue, news sources reported on January 26.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/tax-gap-analysis-2022-fbr-income-tax.html\" target=\"_blank\" rel=\"noreferrer noopener\">Tax Gap Analysis-2022: FBR reports PKR 28 bn income tax shortfall for salaried class<\/a><\/p>\n\n\n\n<p>The amended ordinance will be promulgated by the FBR to shore up the revenue shortage of over PKR 200 billion in the current fiscal year (FY) 2022-23. The decision was made in response to the low revenue collection following the floods in August and the upcoming 9th review meeting with the International Monetary Fund (IMF). As per the sources, the government has decided to raise funds through the following measures:<\/p>\n\n\n\n<p><strong>Read:<\/strong><a href=\"https:\/\/www.zameen.com\/news\/tax-gap-analysis-2022-fbr-income-tax.html\" target=\"_blank\" rel=\"noreferrer noopener\"> Tax Gap Analysis-2022: FBR reports PKR 28 bn income tax shortfall for salaried class<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PKR 60 billion will be raised from Federal Excise Duty (FED) on sugary drinks<\/li>\n\n\n\n<li>PKR 60 billion will be raised from a 3% flood levy<\/li>\n\n\n\n<li>PKR 45 billion will be raised from the revenue impact of the proposed withholding tax on banking transactions of non-filers<\/li>\n\n\n\n<li>PKR 30 billion will be raised by increasing the rate of advance tax on the purchase\/sale of the immovable property<\/li>\n\n\n\n<li>PKR 25-30 billion will be raised from the impact of further raise in the FED on cigarettes<\/li>\n\n\n\n<li>PKR 20-25 billion will be raised from the withdrawal of sales tax exemption on the import of raw materials\/inputs used in the manufacturing of export goods under the \u2018export facilitation scheme\u2019<\/li>\n<\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-publish-names-tax-defaulters.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to publish names of high-value tax defaulters<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PKR 20 billion will be raised from a tax on banks\u2019 foreign exchange income<\/li>\n\n\n\n<li>PKR 20 billion will be raised from a tax on banks\u2019 foreign exchange income<\/li>\n\n\n\n<li>PKR 10 billion will be raised from an increase in the rates of capital value tax rates on imported and locally-assembled vehicles<\/li>\n<\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-cvt-relief-reko-diq-company.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR extends CVT relief to Reko Diq Mining Company<\/a><\/p>\n\n\n\n<p>It is important to mention that the government has set a tax target of PKR 7.4 trillion for the current fiscal year. However, the FBR has fallen short of the total revenue collection predictions in the second quarter of the current fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has decided to enact the Tax Laws Amendments Ordinance, 2023, to raise PKR 300 billion in revenue, news sources reported on January 26. Read: Tax Gap Analysis-2022: FBR reports PKR 28 bn income tax shortfall for salaried class The amended ordinance will be promulgated by the FBR to shore up the revenue shortage of over PKR 200 billion in the current fiscal year (FY) 2022-23. The decision was made in response to the low revenue collection following the floods in August and the upcoming 9th review meeting with the International Monetary Fund (IMF). As per the sources, the government has decided to raise funds through the following measures: Read: Tax Gap Analysis-2022: FBR reports PKR 28 bn income tax shortfall for salaried class Read: FBR to publish names of high-value tax defaulters Read: FBR extends CVT relief to Reko Diq Mining Company It is important to mention that the government has set a tax target of PKR 7.4 trillion for the current fiscal year. However, the FBR has fallen short of the total revenue collection predictions in the second quarter of the current fiscal year.<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[56073,56072,56071],"persona":[],"class_list":{"0":"post-91795","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr-rules-and-regulations","9":"tag-fbr-tax-amendements","10":"tag-the-amended-ordinance-will-be-promulgated-by-the-fbr-to-shore-up-the-revenue-shortage-of-over-pkr-200-billion-in-the-current-fiscal-year-fy-2022-23","11":"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>FBR to enact new tax law to increase revenue - Zameen News<\/title>\n<meta name=\"description\" content=\"The FBR tax law ordinance will be promulgated by the FBR to shore up the revenue shortage of over PKR 200 billion in the current fiscal...\" \/>\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\/fbr-tax-law-increase-revenue.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR to enact new tax law to increase revenue - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The FBR tax law ordinance will be promulgated by the FBR to shore up the revenue shortage of over PKR 200 billion in the current fiscal...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-tax-law-increase-revenue.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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