ISLAMABAD: The tax collection target of the Federal Board of Revenue (FBR) would be fixed within the range of Rs 9 trillion to Rs 9.2 trillion for 2023-24.

Sources told Business Recorder that the tax projections for 2023-24 would be finalized keeping in view the massive shortfall in revenue collection of the FBR during 2022-23. The rates of certain withholding taxes and sales tax/excise duty would be further raised in the coming budget (2023-24). The FBR has proposed some major measures for the documentation of the economy. The FBR has also proposed direct taxes measures for the taxation of assets and other revenue generation measures.

The FBR has to collect Rs2.58 trillion federal taxes during the last quarter (April-June) to meet the desired annual tax collection target of Rs7.64 trillion.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on budgetary proposals presented by FBR, at Finance Division, on Monday.

Minister for States for Finance and Revenue Dr. Ayesha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousuf Tola, Secretary Finance, Chairman FBR, and other senior officers from Finance Division and FBR attended the meeting.

Chairman FBR Asim Ahmad gave a detailed presentation on budgetary proposals for the Federal Budget 2023-24 which were discussed in detail.

Finance Minister Senator Ishaq Dar reiterated the resolve of the Government to provide a business and people friendly budget. He added that the government is committed to ensure that the new budget brings economic prosperity for all sectors of the economy and ensures distribution of resources equitably among various sectors.