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Disagreements between FBR and Finance Ministry over tax targets for next financial year

Disagreements arose between the Federal Board of Revenue (FBR) and the Ministry of Finance over tax targets for the next financial year.

According to sources, the FBR has been given a written target of Rs 4,700 billion for the next financial year. However, the FBR has declared it difficult to achieve the tax target of Rs 4,700 billion.

Sources said that the FBR wants to set a tax target of Rs 4,400 billion during the next financial year.

According to sources, the IMF wants to set a tax target of Rs 5,100 billion for the next financial year.

FBR officials say the lockdown could continue in the first quarter of the next fiscal year and tax collections depend on the complete elimination of the lockdown.

FBR sources said that economic activity is likely to recover in the second quarter, but the economic slowdown will continue during the next financial year and the slowdown will lead to a significant reduction in tax collections.

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