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No new tax on existing tax-payers: FBR chief

FBR Tax Update ISLAMABAD: The government unveiled on Wednesday outline of next year’s federal budget, envisaging tax target of Rs3.1 trillion, development programme of Rs: 580 billion and fiscal deficit of about Rs1.433tr.

Briefing a panel of parliamentarians, the government’s economic team said the next year’s target for economic growth was proposed to be set at 5.5 per cent against this year’s revised estimate of 4.2pc.

Federal Board of Revenue Chairman Tariq Bajwa said that the burden of taxes would not be increased on tax compliant people. The next year’s tax strategy, he said, would be focused on reducing one-third of tax exemptions (around Rs120bn), increased tax rates on non-tax filers to make their transaction costs expensive and taxing hitherto untaxed areas………….. Read More