June 12, 2021 (MLN): The federal gross revenue target for the fiscal year 2021-22 has been set at Rs7.909 trillion i.e. 23.67 percent higher than the revised budget figures and 20.3 percent higher when compared to the budget estimates of the fiscal year 2020-21.
Of this, the government has proposed a huge Federal Bureau of Revenue’s (FBR) tax revenue collection of Rs5.829 trillion which is 24.3 percent higher than the revised target of last fiscal year. It is almost the same figure set by the International Monetary Fund (IMF).
Of the amount, the FBR will be tasked to realize a revenue collection target of Rs2.182 trillion through direct taxes. During FY22, the indirect tax revenue collection target is expected to grow by 25% to Rs3.647 trillion.
The government projected Rs2.079 trillion in non-tax revenue during the next fiscal year, out of which, Rs266 billion have been earmarked for Property and Enterprise, Rs684 billion for Civil Administration and Rs1.1 trillion for Miscellaneous Receipts. While it is expected that Rs29.50 billion will be collected in the form of levies and fees during the fiscal year 2022.
The budget document showed that the Rs3.99 trillion federal budget deficit will be plugged through external receipts of Rs1.246 trillion, Rs2.492 trillion by domestic financing with privatization proceeds of Rs252 billion.
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