ISLAMABAD: The Federal Board of Revenue (FBR) will hold meetings with Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar in the coming days to share a strategy to meet the revenue collection target for the second quarter of 2022-23, reform implementation plan, and initiatives to broaden the tax base.
Sources told Business Recorder here on Tuesday that the FBR is having inside meetings to devise presentations in this regard. Tax authorities would brief the prime minister and the finance minister on the target for the second quarter (October-December) 2022-23 and other reform and administrative measures to be taken in the remaining period of the current fiscal year.
The FBR has committed to Finance Minister Ishaq Dar to achieve the quarterly target (July-September) 2022-23, despite the slowing down of the economy, floods, import contraction, and zero sales tax on POL products.
The chairman had recently given a presentation and explained various revenue initiatives taken by the FBR and issues currently being faced in revenue administration to the finance minister.
The minister was briefed that the FBR has successfully achieved its monthly targets for the months of July and August 2022 and will also achieve the quarterly target up to September 2022. This performance is despite the slowing down of the economy in the month of September due to floods, import contraction, and shrinking of demand due to inflation in the country as well as no sales tax on POL products.
During his last visit to the FBR, the finance minister had appreciated the work done by the FBR in terms of increasing the share of direct taxes (income tax and capital value tax) in the total share of taxes as compared to last year through important tax measures taken this year for taxing the rich.
The FBR has earlier released the provisional revenue collection figures for the month of September and the first quarter of the current financial year. The FBR has collected net revenue of Rs685 billion during the month of September against the target of Rs684 billion which is 27 per cent higher than the collection of September last year.
Copyright Business Recorder, 2022
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