Sports
FBR chief vows to collect Rs13,500bn in tax revenue this year
字号+ Author:Smart News Source:US 2025-01-12 05:55:24 I want to comment(0)
Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial on Saturday vowed to collect Rs13,500 billion in tax revenue this year despite facing shortfall in the first half of the current fiscal year. The FBR faced a significant tax shortfall of Rs386 billion from July to December, according to . The revenue collection stood at Rs5,623 billion in the first six months of the current fiscal year, falling short of the desired target of Rs6,009 billion. The IMF had given an indicative target of Rs6,009 billion till the end of December 2024 but the FBR managed net collection of Rs5,623 billion during the first six months of the current fiscal year. Speaking at an event today, the FBR chief slammed the culture of tax evading in the country, saying that those advising on how to fix the system later turn out be tax evaders. Addressing an event, the FBR chairman said that those individuals who were liable to pay tax were not fulfilling their responsibilities properly. There were problems in both — the tax payers and collectors — he said, adding that the tax rates in the country were not correct. “Tax rates in Pakistan are wrong which should be fixed,” he added. The chairman said that the tax system was designed to bring the top 5% of the wealthy into the tax net. He vowed to collect revenue worth Rs13,500 billion this year. Responding to a question, the FBR chairman said: “Pakistan doesn’t fall among the overtaxed countries.” Neither they were paying full taxes nor getting full services in return, Langrial added. The salaried class is included in the tax net as the authorities concerned have failed to collect taxes from the wealthy people. The government was aware that the tax rate on certain items should be reduced, the FBR chief said. He said that the government would introduce a new law that will make shopping difficult for those who did not submit their tax returns. Over 0.4 million retailers were included in tax net this year, he said, adding that the retailers yet to disclose their monthly income. He also stressed the need for stopping smuggling of petroleum products.
1.This site adheres to industry standards, and any reposted articles will clearly indicate the author and source;
Related Articles
-
Saudi Arabia executes Iranians for drugs smuggling, Tehran protests
2025-01-12 05:11
-
Zendaya’s dramatic reaction to Selena Gomez’s Golden Globes moments
2025-01-12 04:32
-
‘Excited’ Zendaya blown away by Tom Holland’s ‘low-key’ proposal
2025-01-12 03:36
-
‘The Last of Us’ Season 2 release date unveiled
2025-01-12 03:23
User Reviews
Recommended Reads
Hot Information
- New Greek metro is archaeological window on the past
- Johnny Depp pledges to protect 'fans' from ongoing scam involving the actor
- Colin Farrell's 'first prosthetic' experience for 'The Penguin' pays off well
- Pamela Anderson reveals megastar childhood crush
- Israel-Hezbollah ceasefire takes effect, civilians head back to south Lebanon
- Kate Middleton, Prince William enforce unique rule for nanny’s parenting approach
- Tom Holland, Zendaya reportedly engaged: Inside their 'intimate' proposal
- Eminem becomes major inspiration for Robbie Williams in 'Better Man'
- India linked to Maldives opposition's Move to oust President Muizzu: report
Abont US
Follow our WhatasApp account to stay updated with the latest exciting content