ISLAMABAD - Federal Board of Revenue (FBR) is actively considering imposing Gross Asset Tax on companies in the upcoming budget for the financial year 2009-10, TheNation has reliably learnt. Sources in the tax machinery told TheNation that tax bosses were seriously thinking to impose the Gross Asset Tax on the companys gross assets in order to increase the revenue and enhance the tax to GDP ratio. It is pertinent to mention here that according to the International Monetary Funds (IMF) Article IV consultation report, Introduction of a carbon tax or a gross asset tax is under discussion with Pakistani authorities but are yet to be approved and the tax authorities are thinking to impose it in the budget for 2009-10, which would be announced on June 13. The govt has set Rs 1.4 trillion revenue target for the next financial year and has also decided to increase the tax to GDP ratio from existing 10 per cent to 10.6pc and for this purpose, the tax bosses are considering to impose tax on companys gross assets. According to the official figures of the Securities and Exchange Commission of Pakistan (SECP), the total corporate registered companies up to May 31, 2009 were 53,324 and from them the tax authorities can collect huge revenue by imposing Gross Asset Tax . An FBR official told TheNation that tax bosses were expecting Rs 20 to Rs 30 billion by imposing Gross Asset Tax and that could help meet the annual revenue collection target of Rs 1.4 trillion. One of the former member of FBR when contacted told on the condition of anonymity that government had imposed corporate assets tax in 1991 but due to several reasons this system remained applicable for only one year and was abolished later, as the desired results had not been achieved. In the past, the govt had also prescribed the slabs for collection of corporate assets tax in 1991. According to the slabs, where the value of assets was not more than Rs 50m, the payable tax was zero, where the value of assets was more than Rs 50m but not more than Rs 100m, payable tax was Rs 500,000, where the value of assets was more than Rs 100m but not more than Rs 250m, the payable tax was Rs 1,000,000, and where the value of assets was more than Rs 250m, the tax was Rs 2,000,000.