Govt withdraws tax relief to salaried class announced on June 10.
FBR’s collection target increased to Rs7,470 billion.
IMF expected to share draft of the MEFP next week on Monday.
ISLAMABAD: The coalition government Friday announced a revised tax deduction criteria for the salaried class on the demand of the International Monetary Fund (IMF) withdrawing relief given on June 10.
According to a The News report published Saturday, the tax collection target of the Federal Board of Revenue (FBR) for the fiscal year 2022-23 has been increased to Rs7,470 billion — an addition of Rs466 billion.
The government, to collect the amount, took some drastic measures by increasing the tax rate on high-income earners to fetch Rs120 billion for poverty alleviation and Rs35 billion by raising tax rates for the salaried class.
The government slapped a 10% super tax on 13 high-earning sectors with a revenue impact of Rs80 billion for the next financial year 2022-23.