Revenue collection target: FBR members to brief Board-in-Council on strategy

ISLAMABAD: The Federal Board of Revenue (FBR) Member Inland Revenue (Operations) and Member Customs (Operations) will brief the Board-in-Council on Thursday (today) on the strategy to meet the ambitious revenue collection target of Rs965 billion during December 2022.

The meeting of the 4th Board-in Council would be chaired by FBR Chairman Asim Ahmad and would be attended by all FBR Members.

According to the sources, FBR Member Inland Revenue (Operations) Amjad Zubair Tiwana and FBR Member Customs (Operations) Mukarram Jah Ansari will give separate presentations to the tax authorities for meeting the assigned monthly target for the current month. In this regard, officials of the Directorate General of Revenue Analysis Wednesday shared the latest data with the FBR Members on the projected revenue collection during the second quarter (October-December) 2022-23.

Breakup of the monthly tax collection target for December 2022 revealed that the income tax target has been set at Rs546 billion showing a growth of 113 percent. Sales tax target has been set at Rs273 billion, reflecting a growth of 20 percent.

The target of federal excise duty (FED) has been projected at Rs41 billion, requiring growth of 64 percent, and the tax projection of customs duty has been estimated at Rs104 billion, reflecting an estimated growth of 14 percent. According to the FBR’s month-wise tax projections for 2022-23, extraordinary growth of 61 percent would be required in revenue collection during December 2022.

The revenue collection target for December 2022 has been fixed at Rs965 billion requiring extraordinary growth of 61 percent in the last month of the second quarter of 2022-23.

The tax machinery has exceeded both targets of Rs2,680 billion set for July-November (2022-23) and the monthly target of Rs537 billion for November 2022.

So far, the FBR’s Board-in-Council has not approved the draft audit policy for the Tax Year 2019.

The agenda item of approval of the draft audit policy for the Tax Year 2019 has been deferred and may not be presented by FBR Member Audit before the Board-in-Council meeting on December 15.

Copyright Business Recorder, 2022