ISLAMABAD: Federal Board of Revenue has strictly ordered the field formations to achieve the revenue targets, although the board understands that the target of financial year cannot be achieved due to country situation, decrease in petroleum prices and other reasons so it should be reviewed but the Finance Minister is of the view that they should try to achieve the target rather than reviewing it.
Finance Minister believes that the revenue collected in the first six months of year by Board of Revenue team has capacity to achieve target. 200 Rs per set regularity duty on mobile phones by Finance Minister is also an attempt to achieve revenue targets. According to the board sources 70 to 100 Billion short fall is expected in the current financial year. Higher authorities of Board told Customs Today that due to decrease in petroleum prices by Government FBR was facing a 70 Billion deficit; the situation improved due to Government imposed GST on petroleum prices now only 20 Billion deficits is left.
2810 Billion Rs was the revenue target set for the current financial year which is one percent more than the previous year complying to the IMF Tax to GDP ratio, although while setting the revenue target many of the Board members were convinced that achieving this target will be difficult with the present tax culture in country but the Finance Minister Ishaq Dar believed that it could be achieved.
According to the Board sources the reviewed target could be approximately 2700 Billion, member IR policy and spokesperson FBR Shahid Asad proposed 2700 Billion while the current year target was being set and current statistics show that the collected revenue will be around that figure.
Member IR Operations Muhammad Ashraf Khan has continuously instructed Chief Commissioner and commissioners about collection of revenue targets even few of them have been transferred too, achieving revenue target still seems difficult.
