KARACHI: The Federal Board of Revenue (FBR) is facing a colossal loss of Rs 500 billion to Rs 600 billion every fiscal year due to revenue leakages, Customs Today learnt on Wednesday.
Sources said that the FBR was facing revenue loss of Rs 500billion to Rs 600 billion which was tantamount to an annual budget of any province, particularly Sindh or Punjab.
Commenting on the revenue leakages, the sources further disclosed that the FBR was experiencing such revenue leakages in form of tax evasion, non-implementation of audit paras and non-recovery of revenue in the cases decided by the adjudication.
“If the proper check through monetary gadgets will be imposed on such revenue leakages, then the FBR will achieve its fiscal year revenue target more easily,” they asserted.
The sources further said that the FBR authorities on the directives of Federal Finance Minister Ishaq Dar have planned to devise an effective strategy to reduce the revenue leakages and improve the working of the board.
The FBR has already asked for an entire data of the decided and pending cases during the last fiscal year 2013-14 from the authorities concerned of customs adjudication.
The sources revealed that it was a first step and a part of the strategy evolved by the FBR high-ups in order to make improvement in the structure of revenue generation.
FBR Chairman Tariq Bajwa in his recent visit to Karachi had made it clear that no lethargic approach would be tolerated in achieving revenue targets.
