International Monetary Fund (IMF) has expressed satisfaction over Central Board of Revenue's (CBR) revenue collection performance in 2004-2005 facilitated by timely implementation of reforms in Pakistan. Official sources told Business Recorder on Wednesday that the Chairman CBR, Abdullah Yusuf and senior tax manager and CBR Member Tax Policy and Reforms, M S Lal gave a detailed presentation on the six months tax collection and reforms to the IMF Deputy Managing Director, Agustin Carstens in the Ministry of Finance.
Minister of State for Finance, Omer Ayub and officials of the finance ministry also briefed the IMF official.
Official sources said that the CBR meeting with the fund was quite different from the earlier negotiations, as previously the mission was monitoring the revenue collection monthly and quarterly on the basis of parameters/benchmarks set for the CBR. But, now as Pakistan was out of the programme the fund wanted to make it sure that CBR is on track.
The CBR conveyed to the IMF that the tax agency has the required capability to collect Rs 10 billion over and above the laid down target of Rs 580 billion for 2004-2005. The annual target of Rs 580 billion has not yet been revised, but on the basis of continuos upbeat trend during the previous fiscal, the CBR will be able to collect Rs 590 billion in 2004-2005.
The fund mission was satisfied over the CBR performance during July-December current fiscal and particularly praised efforts of CBR reform team headed by M S Lal.
Official sources added that the CBR has agreed to collect Rs 590 billion in current fiscal through broadening of tax base and voluntary compliance without taking any new taxation measures.
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