The chief commissioners conference scheduled for January 6 (Friday) will chalk out strategy to overcome revenue shortfall of over Rs 140 billion during the fiscal half (July-December) 2016-17. Sources told Business Recorder here on Wednesday that Federal Board of Revenue (FBR) has called chief commissioners conference of large taxpayer units (LTUs) and regional tax offices (RTOs) to assess the performance of the tax machinery.
The main objective of the conference is to identify reasons for revenue shortfall and measures to overcome it in the second half (January-June) of 2016-17. So far, the FBR has provisionally collected Rs 1.452 trillion during July-December period of 2016-17.
The government has set annual target of Rs 3.621 trillion for current fiscal year ie 16% higher than the final collection of the previous fiscal year. The tax machinery was aiming at collecting 44% of it or Rs 1.593 trillion in first half of this fiscal year.
According to sources, collection primarily dipped due to changes in sales tax rates on petroleum products, fertilizer and five-export oriented sectors. The conference is also expected to discuss the impact of taxation measures taken in last budget, enforcement measures and broadening of tax base strategy implemented in the field formations.
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