Federal Finance Minister Ishaq Dar says that the Federal Board of Revenue (FBR) has achieved the tax target of 2023 this year.

In his statement on the micro-blogging site Twitter, Finance Minister Ishaq Dar thanked Allah and wrote that Alhamdulillah. FBR has met the tax revenue target of February 2023.

https://twitter.com/MIshaqDar50/status/1630800507382947840?s=20

He further informed that 527 billion 20 crores of tax was collected in February, while the tax revenue has increased by 17% compared to February 2022.

Reduction in advance tax rates on passenger transport vehicles

It should be noted that on February 14 last month, the FBR increased the sales tax rate from 17 percent to 18 percent, but the impact of this increase has not been estimated since the last 14 days.

Similarly, the excise duty on cigarettes has also been significantly increased, the revenue from these two measures has been estimated at 115 billion rupees in 3 and a half months.

Government’s decision to abolish the tax levied on traders

Along with this, the Supreme Court has also ordered the big taxpayers to deposit 50 percent of their super tax to the Federal Board of Revenue (FBR) on February 7.

According to official sources, all these measures helped the FBR achieve its revenue collection target for February, which was also lower due to the short month.

How much tax will you pay on your salary?

According to the tax authorities, the highest collection is in the form of income tax, a major reason for this is the collection of super tax in February, however, income tax collection is still less than the expected target in the first 8 months of the current fiscal year. .

Sales tax collection is far behind the expected target for 8 months, however it has recorded a slight increase compared to the same period of last year.