Govt Aims for Rs. 9.2 Trillion Tax Collection in 2023-24

Govt Aims for Rs. 9.2 Trillion Tax Collection in 2023-24

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Hi Everyone! I hope you are all doing well. Welcome back to another blog. Today we will discuss all the details about Govt Aims for Rs. 9.2 Trillion Tax Collection in 2023-24. The Government of Pakistan has set a target of Rs. 9.2 trillion in taxes for the fiscal year 2023-24. This goal shows the government’s commitment to boosting revenue and strengthening the country’s finances. The aim is to fund development projects, improve infrastructure, and provide essential services. To achieve this, effective tax policies, streamlined collection processes, and strong enforcement measures are necessary. Economic growth and a supportive business environment are also crucial for higher tax revenues.

The government has made an official estimate, projecting that the Federal Board of Revenue (FBR) will be required to collect a substantial sum of Rs. 9.2 trillion in taxes for the upcoming fiscal year of 2023-24. Furthermore, to stay on track and achieve the assigned annual tax collection target of Rs. 7.64 trillion by the conclusion of the current fiscal year. Also, specifically by the end of 2022-23, the FBR has the challenging task of gathering Rs. 2.58 trillion in federal taxes during the last quarter, which spans from April to June.

Senator Mohammad Ishaq Dar, the Federal Minister for Finance and Revenue, presided over a meeting on budget proposals presented by the Federal Board of Revenue (FBR) at the Finance Division on Monday. Additionally, Dr. Ayesha Ghous Pasha, the Minister of State for Finance and Revenue, Tariq Bajwa, the Special Assistant to the Prime Minister (SAPM) on Finance, Tariq Mehmood Pasha, the SAPM on Revenue, Ashfaq Yousuf Tola, the Chairman of the Revenue Reforms Monitoring Committee (RRMC), the Secretary of Finance, the Chairman of FBR, and other senior officials from the Finance Division and FBR were present at the meeting.

 

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Chairman Asim Ahmad of the Federal Board of Revenue (FBR) presented a comprehensive plan for the Federal Budget 2023-24. Also, Finance Minister Senator Mohammad Ishaq Dar emphasized the government’s determination to create a budget that promotes business and benefits the people. He further stated that the government is fully committed to achieving economic growth across all sectors and ensuring fair distribution of resources among different areas.

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