ISLAMABAD: Federal Finance Minister Ishaq Dar has directed the Federal Board of Revenue (FBR) to maximize its efforts to achieve tax collection target of Rs 3,621 billion for FY 2016-17.
Addressing the participants of a two-day chief commissioner’s conference, Dar said that the FBR faced shortfall of over Rs 50 billion in the first quarter (July-September) of the current financial year as the board had provisionally netted Rs 625 billion during said period.
He said that FBR formulate strategy to achieve the fixed tax collection target of Rs 3621 billion without possibility of any downward revision. “The Finance Minister Ishaq Dar has asked the tax authorities to gear up efforts for achieving the tax target.
Dar said that two day chief commissioners’ conference mainly dwelt upon strategy to overcome Rs 52 billion revenue shortfalls in first quarter (July-September) 2016-17, impact of new taxation measures taken in budget (2016-17) and measures to deal with rampant tax evasion in the country.
Participants of chief commissioners conference threw light on all those factors that contributed towards revenue short fall in first quarter, on instructions of FBR top management designs were made to plug leakages on all fronts of major taxes including direct indirect and customs duties .
The participants were informed that there were different factors for revenue short fall as decline prices of petroleum prices decline in international markets also resulted in to nose diving revenue collection of FBR.
