KARACHI: The Federal Board of Revenue (FBR) has reported a tax collection of Rs 2,748 billion from July to October, surpassing its collection target. In October, the FBR achieved a tax collection of Rs 707 billion, which was 37 percent higher than the previous October.
Comparatively, the tax collection in October last year was Rs 516 billion, while refunds from July to October amounted to Rs 158 billion.
On October 28, the Federal Board of Revenue (FBR) finalized its tax recommendations for presentation to the International Monetary Fund (IMF) during the lender's forthcoming visit to Pakistan, according to ARY News.
The FBR officials have clarified that discussions with the IMF will not involve the consideration of introducing new taxes or taxing individuals with lower incomes. Those earning a monthly income of Rs 50,000 will continue to be exempt from income tax.
The FBR has also confirmed that individuals earning over Rs 600,000 per annum will not be exempt from government-imposed taxes, and there are no current policies or proposals to withdraw tax exemptions.
Regarding the taxation of income from the agricultural sector, the FBR has emphasized that it falls under the purview of provincial authorities.
