After assuming charge as Chairman Federal Board of Revenue (FBR), Mumtaz Haider Rizvi has called first meeting of the Board-in-Council here on Tuesday (today) to chalk out an effective strategy to meet the ambitious revenue collection's target of Rs1952 billion in the remaining period of 2011-2012.
Sources told Business Recorder here on Monday that it would be the first Board-in-Council meeting under the chairmanship of Mumtaz Haider Rizvi to discuss most important issues of revenue collection's target and reforms in the tax administration. The meeting is expected to be attended by all FBR Members to finalize a new plan to focus on key areas of achieving revenue collection target, documentation drive, recovery of arrears and enforcement strategy to improve income tax and sales tax return filers during 2011-2012.
The Board-in-Council would also discuss the ongoing position of revenue collection during February 2012 and expected figures in the remaining days of current month. This would enable the Board to have an estimate about the expected collection in the third quarter (January-March) 2011-2012.
According to sources, the FBR is facing major challenges in meeting revenue collection's target and bringing seven lakh rich persons into the tax net. Under the leadership of Rizvi, tax managers are confident to maintain the current momentum of growth in revenue collection and pursing cases to bring maximum persons into the documented regime. In view of FBR's chairman rich experience of customs and sales tax, it is expected that some new ideas would be discussed in the meeting to ensure collection from administrative and enforcement measures in the remaining months of 2011-2012.