'FBR should be given realistic target for next fiscal year'

President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said Federal Board of Revenue (FBR) should be given realistic target for the next fiscal year. IMF's conditions have resulted in the contraction of the economy to the tune of US 30 billion dollars and expecting enhanced revenue collection by the FBR in these circumstances is self-deception, he said. Mian Zahid Hussain said that withdrawal of zero-rating facility will hit production, exports, jobs and revenue, therefore, the FBR's target of Rs 4.39 trillion for the ongoing fiscal year should be revised downward while the proposed target of Rs 5.5 trillion for the next financial year should also be reduced.
He said that FBR will not be able to generate over Rs 3.9 trillion so there is no rationale in increasing its target by 36 percent. FBR's collections have been reduced by Rs 447 billion during the last eleven months that will result in the introduction of many mini-budgets after the upcoming annual budget.