Finance Minister Ishaq Dar on Thursday urged the Federal Board of Revenue (FBR) to undertake all necessary efforts to meet the tax revenue target for the current fiscal year.
It is important to mention that FBR had to collect Rs 2076 billion by February end, however, it managed to collect only Rs 1932 billion. The deficit of Rs 144 billion is likely to increase during the remaining four months of the current fiscal year if remedial measures were not taken.
An official source said that the FBR has sought permission to use some strict legal measures to increase tax compliance in the country. These include surprise raids, audits and notices to tax evaders. The government was initially reluctant to give these powers to tax officials but has agreed to its limited use to increase tax compliance.
An official statement said that Ishaq Dar chaired a meeting on matters pertaining to the Federal Board of Revenue (FBR) here on Thursday.
Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan provided an update to the minister on preparations for the upcoming budget for FY 2017-18.
He said that pursuant to the minister’s instructions, the exercise to obtain views of business and traders’ community, chambers of commerce and industries, economic experts and other stakeholders was being actively undertaken. He said FBR is making all out efforts to pursue the tax revenue targets for this fiscal year.
The minister urged FBR to undertake all necessary efforts to meet the tax revenue target for the current fiscal year. He encouraged FBR to ensure that all stakeholders are actively engaged and consulted in the preparation process for the budget.
He said that effective measures against tax evasion and for promotion of tax culture would further strengthen revenue generation, which is vital for achieving higher, sustainable and inclusive economic growth in the country.
