LAHORE: Federal Board of Revenue revised the revenue target for current fiscal year 2014-15 as the department is facing shortfall in revenue collection.
Sources informed Customs Today that FBR has decreased the revenue target by almost Rs 135 billion for current fiscal year. Sources said Rs 2810 billion was set as target for the continuous fiscal year which was Rs 535 billion more than the collection of last fiscal year 2013-14 as FBR collected Rs 2275 billion.
Sources said that FBR has set new target of Rs 2675 billion after the meeting with International Monetary Fund members. They added FBR has to revise the target due to the shortfall every year, so it is not an alien activity.
As per statistics, the FBR was facing Rs 60 billion shortfall during the first half of the current fiscal year. The FBR had set a revenue collection target of Rs 1,230 billion for the first half of the current fiscal year; however, it could only collect Rs 1,171 billion. The FBR has to collect Rs 1639 billion during the second half of the current fiscal year and now after the amendment the department needs to collect Rs 1504 billion to meet the revised target.
Experts on the subject are of view that cut in oil prices, floods and sit-ins have affected the revenue collection of current year. They also added that FBR should also review its policies to achieve the target. It is important to mention that Customs Today has predicted about the revision of revenue target by FBR on January 31.
