ISLAMABAD - Finance Minister Ishaq Dar on Saturday called upon the officials of the Federal Board of Revenue (FBR) to double their efforts for meeting the collection target of Rs4,013 billion for the current fiscal year 2017-18.

The government had set tax collection target at Rs4,013 billion for the ongoing financial year, which is around 19 percent higher than the collection of Rs3,362.1 billion in last fiscal year. The FBR had missed the last year’s tax collection target by Rs259 billion. However, the FBR has made impressive start during first month of the current year. The FBR claimed that monthly revenue collection target for the month of July 2017 projected at Rs200 billion was surpassed.

The minister offered his full support to the Customs chief collectors/director generals during a conference. Welcoming the initiative to hold the conference, he said it provided good opportunity for interaction and sharing of professional experiences. Dar said that Customs along with the IRS had an important role to play in enhancing revenue collection. He said that taking revenue collection from Rs1,946 billion in 2013 to Rs3,362 billion in 2017 was a creditable achievement by FBR under the PML-N government. This showed over 70 percent growth in overall collection in the last four years, he added.

Dar said this momentum should be maintained with dedicated efforts in future as it would contribute significantly to the government's resolve for inclusive and sustainable economic growth in the country. He said that tax payers’ facilitation and strengthening of the tax base should be the hallmark of FBR 's revenue collection policy.

It is worth mentioning here that revenue target of Rs4,013 billion for fiscal year 2017-18 is based on the premise of 22.4 percent growth in customs, 22.4 percent in federal excise duties, 18.6 percent indirect taxes and 18.5 percent in sales tax . Around Rs1,594.9 billion collection would be required in direct taxes against the provisional collection of Rs1,344.5 billion for the last fiscal year, followed by Rs1,579.2 billion in sale tax as opposed to Rs1,332.3 billion for the last fiscal year. The government has estimated Rs231.5 billion in federal excise duty (FED) and Rs607.4 billion in customs for the current fiscal year against Rs189.2 billion in FED and Rs496.1 billion in customs respectively for the last fiscal year to achieve 19 percent increase.