SUKKUR: The Federal Board of Revenue (FBR) has begun preparations to abolish income tax exemptions. According to sources in the Ministry of Finance, an additional tax of Rs 1155 billion has been proposed for FBR in the next financial year. Sources said that FBR tax target of Rs. 7255 billion has been proposed for the next financial year.
Sources in the Ministry of Finance said that it is also proposed to collect Rs 406 billion in the case of petroleum levy and Rs 2711 billion in the case of direct taxes. Sources said that it is proposed to collect Rs 3295 billion in terms of sales tax and Rs 843 billion in terms of customs duty.
It is proposed to allocate about Rs. 700 billion for the federal development program in the next financial year. It is also proposed to spend Rs. 1586 billion on defense in the next financial year.
It is proposed to allocate about Rs. 700 billion for the federal development program in the next financial year. It is also proposed to spend Rs. 1586 billion on defense in the next financial year.
Sources said that the interest payments for the next financial year are estimated at Rs 3523 billion while the expenditure is estimated at Rs 12,994 billion.
The sources further said that the revenue for the next financial year has been estimated at Rs 10,272 billion.
