Friday , February 28 2020
Breaking News
Home / Islamabad / FBR gets ready to meet revenue collection challenges of upcoming govt
FBR gets ready to meet revenue collection challenges of upcoming govt

FBR gets ready to meet revenue collection challenges of upcoming govt

ISLAMABAD: In the wake of political announcements made by different leaders regarding doubling the revenue collection in next five years of the upcoming government, the Federal Board of Revenue (FBR) started discussions regarding making preparations to meet the challenges in the field of revenue collection during the upcoming regime.

A source at FBR told Customs Today that FBR had already performed excellently in five years tenure of every government from 2002- 2008, 2008-2013- and 2013-2018 and had been doubling the revenue collection in every government from around. Therefore, FBR is quite confident of demonstrating the same performance of the past in the tenure of the upcoming government.

The source said that the national economy would to see a robust growth in next five years due to increased transactions of remittances, foreign direct investments as well as possible operationalization of major projects under China Pakistan Economic Corridor (CPEC). Definitely, with the increased economic activities, FBR will have more space to perform in an adequate manner to increase revenue collection.

In this regard, the source said that FBR has geared up pace for finalization of possible measures like expanding infrastructure and others. Moreover, policy guidelines are also being looked into carefully for possible revision of mechanism along with some legal amendments in some relevant clauses to bring more and more sectors; individuals, associations and firms in the tax net.

Therefore, the source said that it would be quite possible to double the revenue collection in the line of possible enhanced economic growth. It will not be a major change as figures doubled in every five years in the past. Moreover, GDP also doubled in last five years and increased economic activity wills also double the revenue collection.

Whichever government comes into power, the source said that FBR had started the discussion for finalization its program to meet the future targets of revenue. Generally, it is expected from the FBR to perform like the international tax authority but the expecting authorities forget the difference of level of facilities to provided to FBR machinery, officials and staff members and the enjoyed by the officers of tax authorities other countries.

The state of resources and facilities provided to the staff and officers of Inland Revenue Services; the 90% of contributor to revenue collection, needs to be looked into sympathetically. IRS officers are short of adequate facilities, extra allowance since 2013 which is only 40% of the basic pay as well as they have no appropriate transportation facility. Even they have no access to database of economic transactions.