ISLAMABAD: The Federal Board of Revenue is working hard to meet the revenue target of Rs 3621 billion but even then shortfall is expected to be between Rs 225-250 billion and revenue collection will stay under Rs 3400 billion.
This has been conveyed to Federal Finance Minister Senator Ishaq Dar.
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A top official of the Federal Board of Revenue told Customs Today that achieving revenue targets for current month (May) also seems to be difficult. He said the government has taken initiatives to provide relief to the common man. Besides other many reasons, this is the main cause to reduction in revenue growth.
Next financial year revenue target is likely to be set around four trillion rupees but it will be an unrealistic target. The FBR has proposed that under present circumstances and viewing prevalent tax culture, revenue target should be less than Rs 3900 billion for the next financial year.
“We cannot rely on advance taxes,” said top the official. In the next budget, 100 percent increase has been proposed in withholding tax for non-filers and 0.4 to 0.6 percent on banking transactions. It is also expected that withholding tax rates imposed on property may be increased.
