ISLAMABAD - After failing in achieving the revenue collection target for previous financial year by a huge margin, the government might struggle to meet the unrealistic target of Rs 2,475 billion set for the ongoing fiscal year (2013-2014).

However, Federal Board of Revenue (FBR) Chairman Tariq Bajwa Saturday said that government would leave no stone unturned to reach the annual revenue tax collection target of Rs 2475 billion set for the ongoing financial year. “I cannot comment how much tax collection will be made during ongoing fiscal year, as I took the charge a few days before.

 However, the government will try its level best to meet the annual revenue collection target”, said Chairman Federal Board of Revenue Tariq Bajwa while talking to The Nation. He added, “I will two to three months to project whether board will achieve the target or not”.

Chairman FBR further said that he has been holding meetings with officers of the department to devise strategy to meet the annual tax collection target of Rs 2475 billion.

It is worth mentioning here that FBR miserably missed the revenue collection target by around Rs 440 billion last fiscal year 2012-2013 making ongoing year’s target of Rs 2475 billion very ambitious. FBR collected Rs 1940 billion during previous financial year against the target of Rs 2381 billion.

FBR has to collect additional tax worth of Rs 535 billion during the current fiscal year to meet the unrealistic target of Rs 2475 billion, which seems challenging for the tax department. The government would generate Rs 202 billion through taxation measures taken in budget while FBR has to take extraordinary administration measures to fetch Rs 333 billion by eliminating tax exemptions and brining non-taxpayers into net.

Sources said that government has committed to bring 25,000 non-taxpayers into tax net by September 2013 prior to the approval of 3-year programme of $5.3 billion under an Extended Fund Facility (EFF) the IMF’s Executive Board. Similarly, the government has assured the Fund to eliminate tax exemptions though a phase-out of all existing statutory regulatory orders (SROs) and other measures which grants special rates and tax exemptions.