ISLAMABAD: The government has ‘slashed’ revenue collection target for fiscal year 2016-17 by Rs121 billion to Rs3,500 billion.
The federal government took the decision without officially announcement of revising the earlier fixed target of Rs3,621 billion. The revenue authorities have collected Rs2,530 billion so far with 9 per cent growth.
Federal Finance Minister Ishaq Dar mentioned new the target of Rs3,500 billion while addressing the Chartered Accounts Conference the other day.
Now the Federal Board of Revenue can achieve the revised target of Rs3,500 billion, said the official sources. The FBR could collect only Rs448 billion during the last two months of previous fiscal year (2015-16). The Board will have to collect Rs950 billion during the last two months (May-June) of outgoing financial year.
According to Special Assistant to Prime Minister on Revenue and Minister of State Haroon Akhtar Khan, the government’s decision of keeping petroleum prices unchanged would also affect revenue collection and the FBR is facing Rs100 billion deficiency owing to this decision. Farmers’ Package would also affect collection of Rs15b to Rs20b, he added.
However, he said that the FBR would achieve the target of current fiscal year after curbing massive tax evasion.
