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Lowering of set revenue target most likely

Lowering of set revenue target most likely

ISLAMABAD: The finance ministry is likely to revise the targets of revenue collection designed by Federal Board of Revenue, it is learnt.

This issue has been raised because FBR has not achieved the desired targets of this fiscal year up until now. Sources told Customs Today that the initially revised target was expected to be set at Rs 2,400 billion but the trend in collection of the taxes has made it likely that it would be lowered down to Rs 2,375 billion. The set target for the fiscal year 2013-14 is Rs 2,475 billion

It is noteworthy that despite the announcement by FBR of over 17 per cent record growth in the collection of revenue during the current fiscal year the FBR is still not able to reach the set targets.

Official Spokesman Shahid Hassan Asad has said that it happens every year that the revenue body misses target but it must not be forgotten that the growth in revenue collection is exceptional.