Business
FBR chief vows to collect Rs13,500bn in tax revenue this year
字号+ Author:Smart News Source:Business 2025-01-12 07:42:54 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
-
Angelina Jolie stays true to 'UN' title as LA wildfires rage on
2025-01-12 07:29
-
نکی گلیسر نے 2025ء کی گولڈن گلوبز کی میزبانی کی معاوضے پر خاموشی توڑ دی
2025-01-12 07:05
-
گولڈن گلوبس کے بعد بینی بلینکو نے اپنی منگیتر سیلینا گومز کو رات کا بہترین ایوارڈ کہا۔
2025-01-12 06:45
-
ٹنا نولز نے سنگ میل کے لمحے کو بیونسے کے انداز میں منایا
2025-01-12 06:20
User Reviews
Recommended Reads
Hot Information
- Murad orders timely completion of foreign-funded uplift projects in Sindh
- 2025 کے آغاز پر کیٹ مڈلٹن کو شاہ چارلس کی جانب سے بڑا اعزاز ملا۔
- ٹام ہالینڈ، زینڈایا کی منگنی کی رپورٹس: ان کی 'نجی' منگنی کے بارے میں
- زیندایا نے ٹام ہالینڈ کے ساتھ منگنی کا اعلان کیا: دیکھیں
- Which countries will ring in New Year 2025 first and last?
- جنیفر لوپیز نے وضاحت کی کہ وہ اپنی کام کے بارے میں اپنے بچوں کے خیالات کیوں جاننے کی کوشش کرتی ہیں۔
- کولن فرل کا دی پینگوئن کے لیے پہلا مصنوعی عضو کا تجربہ بہت اچھا رہا۔
- ہیری اور میگھن جلد ہی مونٹیسیٹو چھوڑنے کا اعلان کر سکتے ہیں: پڑوسیوں نے ایک درخواست پر دستخط کیے ہیں۔
- SBP governor urges banks to prioritise innovation, inclusivity
Abont US
Follow our WhatasApp account to stay updated with the latest exciting content