ISLAMABAD: National Assembly, Standing Committee on Finance, Revenue and Economic Affairs on Wednesday informed that Federal Board of Revenue has set Rs 1070 billion target for first quarter of current Fiscal Year, 2019-20.

The committee meeting was chaired by MNA, Asad Umer here in Parliament House.

While briefing the committee, Member Inland Revenue Operation, Dr Hamid Ateeq Sarwar said the FBR has set overall Rs 643.6 billion targets for July and August 2019, whereas during August, FBR has collected Rs. 579.4 billion against Rs. 505.8 billion collected in the correspondent period last year.

He said in absolute term around Rs 73.6 billion, which was 14.6 percent higher amount, has been collected as compared to the corresponding period of last year.

He said the target for the month of July 2019 has been fixed at Rs 291.5 billion and during the July of current FY, FBR has collected around Rs 281.7 billion against Rs 255.6 billion collected in July 2018, earning a growth of 10.2 percent.

He said the FBR revenue target for August 2019 has been fixed at Rs. 352.1 billion and around Rs 297.7 billion as provisional collection against Rs 250.2 billion collected in the corresponding period of last year, entailing a growth of 19 percent.

The revenue target for FY 2019-20 is Rs 5,555 billion requiring a growth of 45.5 percent over the collection of Previous Fiscal Year 2018-19.

While in committee meeting Senior official of FBR, said that for automation and simplification of registration of sales tax and income tax, mobile app has been launched by FBR for online registration.

However, biometric verification has been outsourced to the NADRA on order to avoid any contact between tax collector and tax payer.

Another app “Tax Assan “has also been launched, which cater for filing of simple returns.

He said that automation, simplification and implementation of revenue measures were the top priority of the FBR for more revenue growth in the country.

While senior official of the Ministry of Finance informed the committee that inflation rate in term of Consumer Price Index (CPI) on year-on- year basis is registered at 10.3 percent in July 2019, while food inflation is recorded ay 9.2 percent and non food inflation is 11.1 percent.

The Sensitive Price indicator (SPI) which monitors the price on 53 essential items recorded at 12.2 percent.

He said that the government has taken the few steps to control the inflation and in this regard “We are making nest efforts to organize the sasta bazaars as well as open markets to ensure smooth supply of essential items at affordable prices.

He said that a subsidy of Rs. 226.5 billion has been announced in the recent budget for customers, who use less than 300 of electricity in a month (compromises 75 percent of total electricity consumers).

MNAs Dr Aisha Ghaus Pasha, Ali Pervaiz , Nafisa Shah, Syed Naveed Qamar, Ms. Hina Rabbani Khar , Amjid Ali Khan, Faiz Ullah, Chudhary Khalid Javed, Jawad Hussain and Senior official of Ministry of Finance attended the meeting.

Copyright APP (Associated Press of Pakistan), 2019