ISLAMABAD          -          The Federal Board of Revenue (FBR) is working on different proposals to achieve the annual tax collection target of Rs4.963 trillion during ongoing fiscal year.

The government had set challenging tax collection target of Rs4.963 trillion for the current financial year. The FBR would have to generate additional Rs974 billion than the collection of previous year without imposition of any tax. The FBR had collected Rs3989 billion as against the initial target of Rs5.55 trillion. The federal government had downward revised the tax collection target several times in the previous fiscal year.

In a recent development, newly appointed Chairman FBR Muhammad Javed Ghani invited proposals and recommendations to achieve tax target for current fiscal year. In a letter to all Chief Commissioners and Commissioners of Inland Revenue Service (IRS) and Chief Collectors and Collectors of Pakistan Customs Service (PCS), Chairman FBR sought recommendations and proposals to meet the revenue target of Rs4.96 trillion for the current year. Officers of IRS and PCS have been advised to suggest new administrative and enforcement measures for increasing revenues and plugging any loopholes by July 15. 2020.

The government had appointed Javed Ghani as chairman FBR for a period of three months. The FBR under the Acting Chairman would have to meet gigantic tax collection target of Rs960 billion in the first quarter (July to September) of the current fiscal year despite slowdown in economic activities in the country amid the pandemic.However, the FBR believes that annual tax collection target of Rs4.963 trillion is achievable even without additional revenue generation measures.