ISLAMABAD - Finance Minister Shaukat Tarin Friday expressed governments resolve to impose Value Added Tax (VAT) during the next financial year, 2010-11, however, he said that all the stakeholders would be consulted in that regard. I believe we will complete our homework for imposition of the VAT well before July 2010, Tarin told media persons after addressing the two-day conference on VAT. He also informed that the tax authorities had missed the revenue target for the first two months of the current fiscal year by Rs 16 billion. It was because they had fixed an over-ambitious target for the first quarter of the year 2009-10, Tarin explained. However, the minister was confident that the Federal Board Revenue (FBR) would be able to achieve the Rs 1,380 billion revenue target set for the current fiscal year and the performance rewards announced just recently for the FBR officials would certainly work in that connection. On a question about issue of general sales tax between provinces and Federation, he said this would be resolved in National Finance Commission. He said, We may not announce NFC Award before 30th September due to the holy month of Ramazan, however, after this month the pace of work for this would be accelerated. Earlier, addressing the closing session of the conference, he said, We have no other option but to have home grown policy and this conference will help us in preparing draft of VAT. The proposals of the provinces must be consulted before finalising the draft. He said all the stakeholders would be taken on board before finalising its draft. This was another challenge for the government to impose VAT and it would succeed in it, Tarin said, adding it was his responsibility to get support of the Parliament before imposing VAT. Head of economic panel, Dr Hafiz Pasha, while announcing the declaration of the conference said that unanimous view of the conference was that Pakistan should depend on home grown agenda and move to replace general sales tax with modern value added tax in order to generate more revenue. According to the deceleration, VAT is the major revenue generation sources of many developing countries and presently it is applicable in 140 countries of the world. The economy should be documented for imposing VAT in the country, stated the recommendations of the conference. By imposing VAT, we can increase GDP by three per cent and this will generate extra revenue, Dr Pasha said while stating the recommendations of the two-day conference. However, the participants of the conference showed reservations how FBR would impose it before July 2010, as the time was very short. One of the major recommendations of the conference was to discuss the draft of VAT law with all stakeholders before tabling it in National Assembly for its approval. The conference emphasised the need of extensive discussion and more conferences and seminars in order to create public awareness about VAT. In the two-day conference, 17 working papers were discussed and Dr Pasha called the conference as remarkable and said valuable discussions were held in two days and provinces also explained their viewpoint regarding VAT and GST. Anwar Kamal, Advocate Supreme Court, discussed legal framework and constitutional issues in his briefing. He explained the issue of GST between provinces and Federation, which is, still needed to be resolved. He said GST on goods was federal subject while GST on services was a provincial subject. Earlier, in the morning session, representatives of Punjab and NWFP presented their presentations.