ISLAMABAD: For the first time in Pakistani history, the Federal Board of Revenue (FBR) collected revenue of Rs. 7,000 billion by June 26. This broke previous records.
Ishaq Dar, the finance minister, tweeted about the development and stated that the revenue collection would continue to rise up until June 30, the final day of the fiscal year 2022–23.
In his wind-up budget statement earlier this week, the finance minister informed the National Assembly that the government had decided to impose an additional Rs215 billion in taxes to comply with the IMF’s demands. He made it clear that the poor won’t be affected by the new levies. In a same vein, he declared: “We have decided to cut current spending by Rs85 billion.”
He made it clear that the annual development plan, as well as the salaries and pensions of government employees, will not be impacted by this cut. He claimed that the IMF had accepted Pakistan’s position.
He said that as soon as an agreement was struck with the IMF, it would likewise be posted on the finance ministry’s website.
According to Ishaq Dar, the annual FBR tax collection target has increased from Rs9,200 billion to Rs9,415 billion as a result of the understanding struck with the IMF.
The budget’s overall expenditure will now be Rs. 14480 billion. He was positive that these actions would also contribute to lowering the fiscal deficit.
