Connect with us

Hi, what are you looking for?

Economy

Maximize Tax Collection: Dar to FBR

Islamabad: Finance Minister Ishaq Dar directed the FBR on Wednesday to gear up efforts for the monthly target of Rs965B for December 2022. The direction is given to achieve the annual revenue collection target of Rs7,470B during the remaining period of 2022-23. As well as to narrow the gap with IMF over annual tax collection projection.

Finance Minister Dar visited the FBR to review the updated position of revenue collection, reforms, enforcement, and operations.

FBR Chairman Asim Ahmed briefed the minister also served as former chairman of the board in the last PML-N government.

A few taxpayers challenged four revenue measures in courts that created problems for FBR in reaching its annual revenue target. Among the measures challenged was the introduction of super tax in the last budget. Though it resulted in a collection of Rs250 billion. As a result of litigation, taxpayers uphold tax payments under these heads.

No guideline or instruction came from the finance minister regarding any new tax measures, the source added. Mr Dar focus of direction was on administrative efforts to improve compliance, the source further added.

The finance minister expressed satisfaction and appreciated the FBR team for their efforts in meeting the targets. He further extended his full support to the FBR in performance of their duties for revenue collection.

The finance minister also stressed the FBR team to position themselves according to changes in economic outlook. He advised the rank and file to increase their efforts to bring up the true tax potential in the country.

Tax authorities briefed the finance minister in detail. The revenue collection position, strategy to meet revenue targets, broadening the tax base and recovery/ litigation.

Responding to a question doubts were cast over meeting the target in the current situation of import compression. The sources said it is not possible to increase the FBR’s tax collection target beyond Rs7,470 billion for 2022-23.

Chairman FBR Asim Ahmed briefed the minister on the revenue collection strategy and initiatives in pipeline. The chairman lauding the performance of FBR apprised the minister that FBR surpassed the revenue collection targets

He expressed hope to successfully meet its targets in remaining months of financial year 2022-23. The FBR is confident to achieve the assigned revenue collection target of Rs7,470B by the end of current fiscal year.

The break-up of the monthly tax collection target for Dec2022 indicate an income tax collection target of Rs546B. This shows a growth of 113pc. Sales tax target set at Rs273 billion, reflect a growth of 20pc.

The FBR continues to demonstrate excellent performance in revenue collection for the fifth consecutive month of the current financial year. It was able to achieve the targets set despite import compression and zero rating on POL products. As per provisional figures, Rs2,688 billion has been collected against Rs2,330 billion collected. This describes an increase of15.3pc during the corresponding period of the previous year. The FBR has also issued refunds to the tune of Rs135 billion as against Rs124 billion issued last year.

Zahra Sikandar
Written By

Politics

ISLAMABAD: Mufti Saeed said that he solemnised twice Nikkah of Imran Khan with Bushra Bibi. Mufti Saeed, who is a member of PTI’s core committee,...

Economy

Dollar reaches all-time high in the interbank where it is being traded at Rs255. The rupee plummet a further and lowest so far in...

Economy

Honda jacks up prices citing uncertain economic conditions: Honda Atlas Cars Ltd. (HACL) raised the prices of several models by Rs300,000 to Rs550,000 effective...

Entertainment

The mother of well-known Bollywood actor Nawazuddin Siddiqui filed an FIR against her Daughter-in-law over a property dispute. According to ANI, an Indian news...