FBR must collect Rs191bn to meet target

ISLAMABAD: The Federal Board of Revenue (FBR) is facing a gigantic task to collect Rs191 billion in June to achieve the revised tax collection target of Rs1,180 billion by the end of June.

According to the FBR, it has collected Rs989 billion in the first eleven months of the current fiscal year. But the FBR has informed the finance ministry that its collection has touched Rs1 trillion in the next few days.

The expected revenue shortfall as well as delay in release of $1 billion by the Obama Administration on account of military services will result in missing the fiscal deficit target of 4.3 per cent of the GDP, equivalent to Rs562 billion by the end of June 2009.

In the prevailing situation where the newly appointed chairman FBR, Sohail Ahmed, is facing internal strife, there should not be expectations that the FBR will be able to materialize its envisaged target by displaying Rs 1180 billion on its board by end of the outgoing fiscal year.

“By putting maximum efforts, the FBR can touch Rs1,150 billion revenue target by June 30, 2009 against the agreed target of Rs1,180 billion with the IMF,” said a high-level official in the FBR and added that the collection would remain between Rs1,140 to Rs1,150 billion by the end of the day.





To view the complete story please view: http://finance.kalpoint.com