Islamabad: A contingency plan has been prepared in case of a possible shortfall in tax revenue.
According to the sources, in case of implementation of the emergency plan, monthly income of 18 billion rupees is expected in the form of taxes.
According to FBR sources, a proposal to impose a Federal Excise Duty (FED) of Rs 5 per kg on sugar is under consideration.
Sources say that GST on textile and leather products is proposed to be increased from 15 to 18 percent, while additional tax on machinery, raw materials, supplies, services, and contracts is also likely.
According to the sources, the caretaker government has shared the plan to increase the tax revenue with the IMF, the plan is to set the tax target at 11 thousand billion rupees next year.
Sources say that next year’s tax collection target will be 1590 billion rupees more than this year, the annual target of petroleum development levy is proposed to be increased from 918 to 1065 billion rupees, 49 billion rupees by June 30 this year and additional levy of 147 billion rupees will be collected next year.