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01-14-2017, 05:02 AM
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Dar asks FBR to plug loopholes for overcoming revenue shortfall
ISLAMABAD: Without revising downward the tax collection target of Rs3,604 billion, Minister for Finance Ishaq Dar on Friday directed the Federal Board of revenue (FBR) to plug loopholes for overcoming revenue shortfall of Rs126 billion, which occurred in first six months along with achieving monthly envisaged target in the second half (Jan-June) period of the current fiscal year.
The FBR had faced revenue shortfall of Rs126 billion in the first half of the current fiscal so efforts will be made to bridge this shortfall through plugging loopholes and enforcement measures in the coming months of 2016-17. With the presence of the finance minister in the FBR headquarters on Friday just ahead of the retirement of Chairman FBR Nisar Muhammad Khan on January 18, the tax ******rs got the sense that they will be able to get new chairman from their own ranks as it is expected that someone from the Inland revenue Service (IRS) will be posted to this important slot. Although, many seniors belonging to the IRS will also be retiring in the next four to six months but the government can choose even someone from BS-21 for appointing at this important position. In a meeting chaired by Ishaq Dar here at the FBR’s headquarters, it was decided that the FBR will focus on builders, property sector and those companies that had shown declining output in the first half in order to avoid their taxes. Special Assistant to PM on revenue Haroon Akhtar Khan told The News on Friday that after achieving 19 percent growth in revenue during December 2016, the FBR is confident of achieving its desired annual target on June 30, 2017. “The declined oil prices, GST reduction on fertiliser and other items played havoc with the FBR revenues but the annual target will **t be revised downward,” he added. However, sources said that even with export package through reducing import duty and scaling down the GST, the FBR is going to face revenue loss of Rs30 to 40 billion in the remaining six months but the tax authorities also identified major revenue spinner areas on which the FBR will focus in the months ahead. According to the Finance Ministry’s statement on Friday, Ishaq Dar chaired a meeting to review the six-month performance of the FBR for the period July-December of the financial year 2016-17. While briefing the minister, the FBR chairman said the Board has collected more than Rs1,467 billion in the first half of the FY 2016-17 as compared to Rs1,370.9 billion during the corresponding period in the FY 2015-16, reflecting 7 percent growth in tax revenue, compared to target revenue growth of 16 percent for the current fiscal year. He further informed the minister that revenue collection during December 2016 has been the highest amongst all the six months of the current fiscal year so far. Ishaq Dar said the strong performance in December 2016 bodes well for revenue collection in the second half of the FY 2016-17. While taking **tice of the fact that only 7 percent revenue growth had been achieved in the first half of the Financial Year 2016-17 compared to target revenue growth of 16 percent, the minister urged the FBR team to undertake all necessary efforts to make up the revenue shortfall compared to the target set at the beginning of the current fiscal year. He emphasised that strong tax revenue collections are vital to achieving higher, sustainable and inclusive eco**mic growth, which is a primary focus of the government. أكثر... ??????? ??????: Dar asks FBR to plug loopholes for overcoming revenue shortfall || ??????: ahlam1399 || ??????: اسم منتداك
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