Rs940bn target for Dec: FBR chief starts meetings to review progress

KARACHI: The Federal Board of Revenue (FBR) is likely to struggle hitting its revenue target of Rs. 940 billion for December 2023, as Chairman FBR Malik Amjed Zubair Tiwana has started meeting with officials to review progress.

According to details, Tiwana made a day-long trip to Karachi yesterday to assess the progress of Inland Revenue and Customs field formations. He started with a meeting at the Large Taxpayers Office (LTO) Karachi, where Chief Commissioners briefed him on meeting their targets.

Sources said that the LTO, which has the biggest target of Rs. 308 billion for December, seemed confident in meeting it mainly through advance tax collection under Income Tax Ordinance section 147(6A). Similarly, during a later meeting at Customs House Karachi, Chief Collectors gave presentations to the Chairman about their efforts to meet assigned revenue targets.

Rs63bn more than the target: Q1 tax collection stands at Rs2.041trn

Tiwana appreciated the hard work, professionalism, and dedication displayed by FBR officers and instructed them to make further efforts to achieve their targets. However, sources suggest the December goal of Rs. 940 billion remains difficult to attain.

The Chairman’s visit and review meetings indicate concerns within FBR on revenue growth slowing down in December and with half the financial year passed, FBR faces pressure to improve tax collection in the coming months, sources said.

Copyright Business Recorder, 2023