ISLAMABAD With a number of new revenue generation steps, the Government is likely to revise the annual revenue collection target for the ongoing financial year 2010-11, sources informed TheNation on Friday. According to sources, as Federal Board of Revenue (FBR) is all set to impose flood surcharge, duty on imports, and bringing Reform General Sales Tax (RGST) from the second quarter (October) of the current financial year, therefore the tax target would also be increased. The new target could be in the range of Rs 1,680 billion to Rs 1,700 billion for the ongoing financial year, sources further added. It is worth mentioning here that the Government set Rs 1,667 billion target for the current financial year on the occasion of annual budget 2010-11. However sources told that after a number of new revenue generation steps, the target is likely from Rs 1,680 to Rs 1,700 billion. The Government would review all economic targets including revenue collection, however I could not predict much about it at present, said Sohail Ahmad, Chairman Federal Board of Revenue, while talking to TheNation on Friday. He said if Parliament approved one-time 10 percent flood surcharge, tax collection could be increased by Rs 30 to Rs 40 billion. He further said that the Government needed revenue for rehabilitations and reconstruction of flood-hit areas and this expenditure was not projected in the annual budget. International Monetary Fund (IMF) had also asked Pakistan in its recent talks held in Washington to increase the revenue target for year 2010-11, after imposing new taxes in the country. The Government will impose two percent flood tax on all imports to generate about Rs 50 billion additional revenue and this will be in addition to 5 to 10 percent flood surcharge on all incomes exceeding Rs 300,000 per annum, including salaries and profits, not only for individuals but also for associations of persons, companies, businesses and traders. The Government is considering collecting Rs 50 to Rs 70 billion through flood tax, sources added. The new target for FBR would be a challenging one, as they had already missed the tax collection targets in the first two months (July-August) of the current fiscal year.