Government to set Rs.5.5 trillion revenue target in next budget

News Image

MG News | May 25, 2019 at 08:40 PM GMT+05:00

0:00

ISLAMABAD, May 25: Advisor to Prime Minister on Finance Abdul Hafeez Shaikh Saturday informed that the government was setting the revenue collection target of Rs 5.5 trillion for next financial year of 2019-20.

He said in order to collect the additional revenues, more people and commercial companies would be brought in to tax net and no extra burden would be put on those who were already paying taxes. However he

said the government was taking hard measures to put more burden on the tax evaders.

He hoped that the new Chairman of Federal Board of Revenue (FBR) Shabbar Zaidi who was quite an able and hard working person, would meet the challenge of an ambitious target.

Addressing a press conference here, Hafeez Shaikh said at present 360 companies were paying 85% of total revenue of the country, while there are thousands of other companies who were not still paying any taxes.

He said in order to bring people in the tax system, the government would utilize the data of gas, electricity consumers, bank account holders and companies registered with the Securities and Exchange Commission of Pakistan (SECP).

He pointed out that there were as many as 341,000 commercial consumers out of which only 40,000 were registered with the FBR.

Similarly, Shaikh said out of total 50 million bank accounts, only 10% were registered with the FBR.

The government he said was determined to bring all the tax evaders to tax net in order to increase tax revenues.

 

(APP)

Related News

Name Price/Vol %Chg/NChg
KSE100 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,200.00 119,440.00
118,260.00
905.00
0.77%
BRENT CRUDE 71.86 73.17
71.84
-0.65
-0.90%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.59 69.79
68.56
-0.62
-0.90%
SUGAR #11 WORLD 16.48 16.58
16.44
-0.11
-0.66%

Chart of the Day


Latest News
July 30, 2025 at 03:47 PM GMT+05:00

CCP resolves 223 cases, recovers Rs360m


July 30, 2025 at 03:15 PM GMT+05:00

SBP keeps policy rate unchanged at 11%


July 30, 2025 at 03:09 PM GMT+05:00

LSE Capital exits Ensmile Limited


July 30, 2025 at 03:06 PM GMT+05:00

PMYP, PILDAT sign landmark LOI to strengthen youth


July 30, 2025 at 03:02 PM GMT+05:00

PHDL issues clarification on winding-up process



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg