tax collection

As per the provisional tax collection figures for August 2019, the FBR collected Rs58 billion through direct taxes and Rs123 billion under the head of sales tax.

ISLAMABAD -- The International Monetary Fund (IMF) may ask Pakistan to bring mini budget if tax collection shortfall widens in next couple of months.

In a statement, he said the legal justification about the establishment of the PRA will increase trust of taxpayers besides increasing tax collection in the province.

Ranario said that the June 2019 collection was up by 25.17 percent (P3.203 billion) from the June 2018 tax collection of P2.55 billion.

The shortfall in tax collection has widened to Rs440 billion in the first eleven months of this fiscal year with only 1percent growth rate, which may push the total collection at the end of the year even below the level left behind by the Pakistan Muslim League-Nawaz (PML-N) government.

Painting a grim picture of the current tax collection system, Zaidi said it is not sustainable for the coming generations because of the low level of tax collection which is even less than 10 per cent of tax-to-GDP ratio.

Increasing tax collection to reduce the fiscal gap and expand investment on the socio-economic development has been a priority for successive governments.

'The slowdown in the economy has impacted the overall tax collection in the country,' said Punjab Finance Minister Makhdoom Hashim Jawan Bakht, while talking to a group of journalists.

The meeting was also informed that the total tax collection for the ongoing fiscal year, excluding telecom tax, is expected to be Rs 11 billion whereas for the year 2019-20 the total tax collection, is expected to be Rs 20 Billion if sales tax on telecom services is restored by the Supreme Court of Pakistan.

PESHAWAR: A high level meeting with Chief Minister Khyber Pakhtunkhwa Mehmood Khan in the chair was Wednesday informed that by 2023, KPRA (KP Revenue Authority) will have increased its tax collection capacity to Rs50 billion on yearly basis.

Sales tax collection jumps 9pc and we have the lowest sales tax," he added.

KARACHI -- President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has it would be uphill task for FBR to achieve tax collection target as less recovery is accumulated from 10 major sectors.