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Thursday, February 15, 2024

FBR exceeds July collection targets by Rs68 billion

The first month of revenue collection by FBR exceeds the set target by big margins. On the other hand, Prime Minister Imran Khan has promised businessmen that the government reforms aimed at improving the tax system are underway, and directed that the stakeholders meet regularly for consultations to improve the system.

Prime Minister Imran Khan took to Twitter today to applaud the Federal Bureau of Revenue (FBR) on exceeding the tax collection target for the month of July.

In his tweet, he said, “I commend efforts of FBR in achieving record revenue collection in July. As of now, the collection is Rs.410 billion which is highest ever in the month of July, and around 22% above the required target for the month.”

He added that this achievement is a reflection of the government’s policies for sustained economic growth and revival.

It is worth mentioning that according to the FBR, the tax collection has exceeded its target by Rs68 billion, and more than 50 per cent of this collection is in terms of import duties.

The monthly target for each month to reach the target of Rs5.829 trillion set under the recent budget is Rsf341.7 billion, so the government has collected 22 per more, as the PM wrote in his tweets.

Businessmen promise support

In a meeting with all presidents of major chambers of commerce of Pakistan, Prime Minister said that the government is implementing reforms aimed at improving the tax system are underway and consultations with different stakeholders are beneficial for the process.

This meeting was part of a series initiated by the Ministry of Commerce to exchange ideas and raise awareness on government policies between stakeholders liked government and chambers representing the business community.

According to Business Recorder, the PM office said that the chambers expressed full confidence in the initiative taken by the incumbent government and have offered their help in the formulation of a strategy to increase the tax base of the country.

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PM Khan also stressed the importance of industrial development in the country saying that this would facilitate increasing exports in the economy, turning the economy into a trade surplus. He added that this would increase employment opportunities in the country and increase the foreign exchange reserves of Pakistan.

Federal ministers were directed to hold regular meetings with the stakeholders.

On the other hand, participants praised the prime minister and his economic team for initiating successful economic policies in the country despite the Covid-19 outbreak.

The participants also valued the initiative of the present government to lend an ear to the business community, “for the first time in the history of the country”.

According to Business Recorder, the meeting was attended by the president of the Federation of Pakistan Chambers of Commerce and Industry as well as presidents and vice presidents of Chambers of Commerce of Karachi, Lahore, Peshawar/KPK, Quetta, Gujranwala, Sialkot, Faisalabad, Gujarat, Multan, Sargodha, Gwadar, Islamabad, and Rawalpindi.

Finance Minister Shaukat Tarin joined via video link, while the meeting was attended by Federal Ministers Hamad Azhar, Makhdoom Khusro Bakhtiar, Advisor on Commerce and Investment Abdul Razzak Dawood, Special Assistant Dr. Shahbaz Gill, Governor State Bank of Pakistan Dr. Reza Baqir, and other concerned officials.

PSDP Meeting

Presiding over a meeting on effective utilization of the Public Sector Development Programme (PSDP) on Friday, Prime Minister Imran Khan said, “It is the government’s prime responsibility to ensure correct utilization of taxpayers’ money and implementation of electronic systems to help eliminate corruption.”

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“Reforms are underway for improving tax system and consultation with all stakeholders will bring further improvement and fast track the process,” the prime minister added.