ISLAMABAD: The Senate Standing Committee on Finance has directed the Federal Board of Revenue (FBR) to give in detail impact of the Prime Minister’s tax incentive package, amnesty schemes and tax exemptions on total revenue collection in the fiscal 2013-14.
A meeting of the Senate Standing Committee on Finance is scheduled for April 8, under the chair of Senator Nasreen Jalil wherein the FBR will brief its members on revenue targets for the fiscal year and collection to-date including anticipated shortfall in the collection. The FBR will share data on the initiatives taken by the government to expand tax net and a comparative analysis against previous five years. The FBR will inform about the tax amnesty schemes and tax exemptions announced by the government and the impact of these schemes on total revenue collection.
The FBR will also inform the committee members about total Customs Duty collected during 2013-14 as compared to last year. The growth in tax revenue compared to last year, including revenue collected as a result of increased tax rate as well as increase in withholding tax rate separately accounted (amount collected).
The FBR will brief the committee on the current tax-to-GDP ratio and comparison with last year as well as shortfall in tax revenue and as a result of borrowing from the SBP as compared to last year in real terms. The briefing would also include cost of duty/tax exemptions incurred due to free trade agreements with other countries and disclosure of IMF commitments regarding the tax system.