FBR revenues affected due to drop in imports revealed

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FBR revenues are revealed to be affected due to decline in imports.

According to the details, a meeting of the Standing Committee on Finance of the National Assembly was held under the chairmanship of the chairman of the committee.

Chairman FBR Asim Ahmed told the committee in a briefing that the tax collections of FBR have been affected due to the ban on imports.

Asim Ahmed said that imports decreased by 17 percent in October and this rate increased to 20 percent in November. Now some ease has been given in imports.

He said that our tax target for the current financial year is 7470 billion rupees. Due to floods, the targets for the current financial year are being changed. After revising the targets, the FBR revenues may be affected.

Chairman FBR further said that the revenue has increased due to better performance of FBR. FBR had increased the rate of withholding tax.

Asim Ahmed said that due to the policy measures and enforcement, the revenues also increased. One lakh new taxpayers have filed their tax returns this financial year.

He said that last financial year 36 lakh people had submitted tax returns. The rate of these direct taxes is 62 percent. 52 billion rupees tax was collected last financial year with income tax returns.

Chairman FBR said that the problem of reduction in revenue will be faced in the future as well. FBR will collect tax revenue by improving administration. FBR is not taking any steps to levy new taxes.

Asim Ahmed further said that he will talk to the IMF tomorrow, the IMF had expressed satisfaction with the performance in the previous review.

He said that when the budget was made, the dollar rate was kept at 207 rupees. Tax-to-GDP ratio is currently 9 percent. Tax-to-GDP ratio has decreased due to rebasing of GDP.

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