ISLAMABAD
NNI
Muzammil Hussain Sabri, President Islamabad Chamber of Commerce and Industry has shown concerns over the reported shortfall of Rs.126 billion in revenue collection during the first half of fiscal year 2014-15 and called upon the government to bring drastic reforms in taxation system to improve the tax revenue of the country in order to achieve better economic progress.  He was presiding over a meeting of ICCI Sub-Committee on Taxation.
He said that the government had reportedly set revenue collection target of Rs.1285 billion for July-Dec 2014, but it could manage to collect only Rs.1159 billion during this period despite the fact that government introduced heavy taxation measures of Rs.231 billion in the annual budget. In these circumstances, achieving annual tax collection target of Rs.2.81 trillion for the current financial year seems to be an uphill task.