The Threat Of A Possible Mini-budget Was Averted Due To IMF Pressure
There will be no mini-budget due to pressure from the International Monetary Fund (IMF).
The FBR collected 26 percent more taxes in the first half of the year and 35 percent more in December than last year.
From July to December, Rs 5,624 billion in taxes were collected, but there was a shortfall of Rs 385 billion compared to the set target.
According to the details, the 35 percent growth in tax revenue in December averted the risk of a possible mini-budget due to pressure from the IMF.
The FBR collected Rs 5,624 billion in taxes in the first half of the year. The shortfall will be met by collecting Rs 7,346 billion in taxes in the next half of the year.
According to FBR officials, the 35 percent growth in tax revenue in December will save from additional tax measures,
A plan to further improve tax collection through fiscal discipline and administrative measures is also under consideration.
According to the FBR, Rs 5,624 billion in taxes were collected in the first half of the year, 26 percent or Rs 1,158 billion more than the same period last year.
Taxes were collected Rs 385 billion less than the target of Rs 6,009 billion in the first half of the year.
In December, Rs 1,328 billion in taxes were collected against the target of Rs 1,373 billion, a 35 percent growth recorded in tax revenue compared to the previous year in December.
The overall tax collection target for the current fiscal year is Rs 12,970 billion, and the shortfall will be met by collecting Rs 7,346 billion in taxes in the next half of the year.
Tax refunds worth Rs 70 billion were also issued from July to December, Rs 2,827 billion in income tax was collected, and sales tax collection from July to December was recorded at Rs 2,105 billion.
In the first half of the year, Rs617.3 billion in taxes were collected in terms of customs duty, while Rs346.6 billion was collected in terms of federal excise duty.
