Tax receipts rise at the less required rate

The federal board of revenue(FBR) intensify the tax receipt target and collect over Rs454 billion in July that the healthy growth in income tax growth and the total collection improved due to the direct taxes imposed on the budget.

The increase in the assemblage was moderately over 9%, which was remarkably lower than the rate that the tax authorities have to achieve to meet the annual target of Rs7.470 trillion.

During July, the FBR temporarily collected Rs454 billion, up by Rs38 billion or 9%, according to data assembled at the end of the last working day of the month. The collection will fractionally improve due to the clearance of goods at ports.

For July, the tax machinery had set a target of Rs443 billion, which was equal to 6% of the yearly target.

For the new fiscal year, the government has fixed the tax collection target at Rs7.470 trillion on the International Monetary Fund’s (IMF) order, which will need about 22% growth. The target seems to be achievable given the high economic rat