ISLAMABAD - The government is likely to revise its major macro-economic targets set for the ongoing financial year 2011-2012 after figures fudging episode of the Federal Board of Revenue (FBR) came out on the surface, it has learnt. The government has set revenue collection target of Rs 1952 billion for the ongoing financial year on the basic of last years collection target of Rs 1588 billion and similarly other targets including fiscal deficit and others was also fixed on the same basis. However, the government has failed to achieve the tax collection target by Rs 38 billion, as it collected Rs 1550 billion against the target of Rs 1588 billion. Therefore, sources believed that the government has to revise its targets set for the year 2011-2012. The government is likely to bring revenue collection target downward from Rs 1952 billion that would push fiscal deficit upward from the target of four per cent of the GDP. Therefore, the government would have to devise new targets. An official of Finance Ministry told The Nation that this is the reason that the government is not holding meeting with International Monetary Fund (IMF), which was planned in middle of July According to sources, an important meeting is likely to be held in Finance Ministry on Monday (today) where the Federal Board of Revenue is to present report of figure fudging of the revenue collection of the previous financial year 2010-2011 to the Federal Minister for Finance and Revenue Dr Abdul Hafeez Shaikh which would determine the responsible persons of the Tax Departments fiasco. The Tax Department was asked by Ministry of Finance to submit detail report regarding figures fudging of revenue collection of the recently ended fiscal year, as FBR Chairman Salman Siddique on June 30th claimed that they had surpassed the collection target of Rs 1588 billion of the previous year and collected Rs 1592 billion. However, later it was revealed that tax collection stood at Rs 1550 billion after finalising the figures. Sources in Finance Ministry told that Chairman FBR held meeting with Finance Minister on Friday where he briefed the Dr Shaikh about the situation. The Finance Minister directed the Salman Siddique to submit report in next couple of days and determine the responsible officials of the FBR, which would face the music. The current situation has worried the top officials of Finance Ministry, as they had to revise its targets, which were recently approved in the annual budget 2011-2012. It is worth mentioning here that FBRs failure in tax collection has jacked up the fiscal deficit to 5.9 per cent of the GDP against the target of 5.3 per cent and if the payment made for resolving circular debt were included, the deficit would surged to 6.6 per cent of the GDP.