The Federal Board of Revenue (FBR) has given assurances that it will achieve the quarterly tax collection target up to September 2022.
Federal Minister for Finance and Revenue Senator Muhammad Ishaq Dar visited the Federal Board of Revenue (FBR) and presided over a meeting on the revenue performance of FBR. The Chairman FBR and Members of the Board (FBR) attended the meeting.
Asim Ahmad, Chairman of FBR, extended a welcome to the Minister on behalf of the FBR team. Chairman gave the presentation and explained various revenue initiatives taken by FBR and issues currently being faced in revenue administration.
It was briefed to the Minister that FBR has successfully achieved its monthly targets for the months of July and August 2022 and will also achieve the quarterly target up to September 2022. This performance is despite the slowing down of the economy in the month of September due to floods, import contraction, and shrinking of demands due to inflation in the country as well as no sales tax imposed on POL products.
The Finance Minister appreciated the FBR team for their efforts in meeting the targets. He has also ensured the team that he will be engaged more frequently with them and will extend support for the performance of their duties. He advised the FBR team to position themselves for the quick changes in the economic outlook.
He further advised the FBR to increase its efforts because there is more potential to collect tax to bring the tax to GDP ratio to 15 percent.
Overall, the Finance Minister appreciated the good work done by FBR in terms of increasing the share of direct taxes (income tax and capital value tax) in the total share of taxes as compared to last year through the important tax measures taken this year for taxing the rich.
The Finance Minister also highlighted the importance of taxpayers’ engagement in devising tax policies and revenue collection efforts. The meeting was attended by the top leadership of the FBR.