The Federal Revenue Board (FBR) is expected to set the revenue collection target for the next fiscal year (2020-21) at Rs 5,100 billion, taking into account the current and post-Covid situation.
For the current fiscal year (2019-20), the downward target of $ 3.908 billion in revenue would be met with renewed economic activity, said FBR member, Inland Revenue (IR) - Policy Dr. Hamid Ateeq Sarwar recently told the state news agency.
He said the FBR expected 500 billion rupees by the end of April, but has now raised 145 billion rupees, and given this trend, total collections will reach 210 rupees this month, he added, 19 collections.
When asked about several SROs recently appeared in the current COVID-19 scenario, he replied that the FBR exempted customs duties from 2 percent on cooking oil and imposed rates on legumes, wheat, flour, and sugar. He expects the price of these items to drop by 10 to 15 percent in the coming days.
FBR member, Inland Revenue (IR) - Politicians said the 61 imports were shipped to the FBR, which was required in the current situation with the Federal Ministry of Health's COVID-19.
When asked another question about the aid package for the construction sector and the fixed tax system, he replied that the FBR had completed all the associated procedures after the adoption of the regulation.
Dr. Hamid Ateeq Sarwar said that this package is primarily intended for builders and developers and that this utility should begin on December 25. The construction industry could benefit from this package until September 20, 2022.
He said those who want to start new housing corporations have to pay 10 percent of the flat tax to start their business.
Dr. Hamid Ateeq said that the recent drop in oil prices is related to supply and demand, adding that the FBR had to accept a loss of Rs 15 billion to minimize the tax on petroleum products.
