ISLAMABAD - The beleaguered PPP-led coalition government is all set to devise new revenue generation strategy in next few days wherein its tax department Federal Board of Revenue (FBR) is mulling to increase the income tax rate for several sectors and to levy new taxes, it has learnt. Sources in FBR told The Nation that the tax department is considering several options including increase in income rate for banking, telecom and other sectors in order to reach the annual revenue collection target of Rs 1952 billion set for the ongoing financial year 2011-2012. The Ministry of Finance and Federal Board of Revenue has already started working on devising new revenue strategy for the ongoing fiscal year, added sources. Similarly, the government is also working to impose new taxes. Meanwhile the FBR is working on its administrative reforms to generate additional revenue during the ongoing fiscal year. According to the economic experts, the government has two options after figures fudging scam either to reduce the revenue collection target or to find new ways to reach the budgetary target of Rs 1952 billion. However, Secretary Finance Dr Waqar Masood Khan in exclusive talks with The Nation last week made it clear that revenue collection target would remain at Rs 1952 billion and the government would only find new ways to reach it. However, he did not disclose the ways that would be opted to reach the target. The economic experts believed that government did not reach the target without new revenue generation measures in the ongoing financial year. It is worth mentioning here Chairman Federal Board of Revenue Salman Siddique on June 30 announced that FBR has exceeded the annual tax collection target of Rs 1588 billion, as it has achieved Rs 1590 billion. However, later on July 22, FBR chief revealed that tax department has only collected Rs 1550 billion during the previous fiscal year. It might be mention here that government has fixed the tax collection of Rs 1952 billion at the basis of Rs 1588 billion. However, as the FBR has failed to face a shortfall of Rs 38 billion as it achieved Rs 1550 billion. Therefore to fulfil the shortfall of Rs 38 billion, the government is considering several options.