ISLAMABAD – The federal government has set a lower target of tax collection for the Federal Board of Revenue (FBR) for the next fiscal year 2020-21 as compared to a previous economic year due to coronavirus pandemic.
Federal Minister for Industries and Production Hammad Azhar presenting the budget in the National Assembly said that Rs4,963 billion target has been set for the FBR while it had been given a target of Rs5,555 billion for fiscal year 2019-20.
Explaining cut in tax collection target, the minister said that the government wanted to provide relief to people facing financial issues due to economic fallout of the pandemic.
PTI s Hammad Azhar unveils Pakistan s Budget 20-21 amid COVID-19 crisis
A Rs1.108 trillion target has been set for non-tax revenues while the government expects Rs100bn from privatization proceeds.
The government has proposed Rs650bn for federal development programmes in the country.
