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FBR chief orders recovery of Rs150bn arrears

Facing an imminent shortfall in revenue collection, chairman, Federal Board of Revenue, on Monday asked top tax officials to work out a mechanism to expedite clearance of around Rs150 billion revenue stuck up in litigation for the past few years, an official source told Dawn.
The tax machinery will have to collect Rs568 billion at any cost in the last quarter (April-June) to reach the downward revised revenue
target of Rs1588 billion by end June 2011.
Tax officials have collected Rs1020 billion during the past nine months of the current fiscal year.
But experts estimated that this target seems unlikely keeping in view the paltry growth in revenue collection despite the fact
that revenue target was revised downward thrice.
An official source privy to the board-in-council (BIC) meeting held here on Monday told Dawn that FBR Chairman Salman Siddique has asked tax members to clear arrears for bridging the shortfall to reach a conservative total by end June 2011.
“We need this revenue as revenue is not coming from other sources,” the chairman remarked.
An official in the finance ministry said that the revenue collection will hardly reach Rs1500 billion marks. Even the IMF has also informed the Pakistani officials that the Rs1588 billion revenue target is unlikely to be achieved.
A review team of the International Monetary Fund (IMF) is also expected to visit Pakistan in the first week of May to discuss the next year 2011-12 revenue target along with revenue measures to be taken in the upcoming budget.
The tax target was revised from Rs1604 billion to Rs1588 billion despite mid-term revenue measures including withdrawal of exemptions on agriculture products through presidential ordinances.
As per FBR estimations, it was projected to raise an amount of Rs25 billion from 15 per cent one time surcharge on income tax payable during the tax year 2011, and another Rs25 billion would come to the government’s kitty from withdrawal of exemptions of sales tax from fertilizers, pesticides and input tax on agriculture tractors and raising of special excise duty to 2.5 percent.

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