ISLAMABAD – The Federal Board of Revenue (FBR) has set a record as it collected revenue of Rs7,000 billion by 26th June for the first time in the history of Pakistan.
Finance Minister Ishaq Dar shared the development on Twitter, saying the revenue collection will further increase till June 30, the last day of the fiscal year 2022-23.
Earlier this week, the finance minister gave his windup budget speech in the National Assembly, announcing that the government had agreed to impose additional Rs215 billion taxes in line with the IMF’s demands. He clarified that the new taxes will not burden the poor people. Similarly, he said: “We have agreed to reduce current expenditures by Rs85 billion”.
He made it clear that this reduction will not affect the annual development plan as well as salaries and pensions of government employees. He said the IMF has agreed to the Pakistan’s stand.
He said once the agreement is reached with the IMF, it will also be uploaded on the website of the finance ministry.
Ishaq Dar said as a result of the understanding reached with the IMF, the annual FBR tax collection target has been enhanced from Rs9,200 billion to Rs9,415 billion.
The total outlay of the budget will now be Rs14480 billion. He was confident that these measures will also help reduce the fiscal deficit.
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