Finance Minister Ishaq Dar Wednesday directed the Federal Board of Revenue (FBR) to ensure the achievement of the assigned revenue collection target during the remaining period of the fiscal year 2022-23 (FY23).
The finance minister visited the Federal Board of Revenue (FBR) to review the updated position of revenue collection. Tax authorities briefed the minister about the revenue collection position, strategy to meet revenue targets, broadening the tax base, and recovery/litigation.
The analysis of data for the month of December 2022 was reviewed in detail during the said meeting, according to sources.
FBR Chairman Asim Ahmad gave a detailed presentation on revenue targets and the performance of FBR for the months of November and December. He apprised the minister that FBR has surpassed the revenue collection targets till November and expressed hope to meet its targets in the remaining months of FY23.
According to the breakup of the monthly tax collection target for December, the income tax target has been set at Rs. 546 billion, and the sales tax target at Rs. 273 billion.
The minister expressed satisfaction and appreciated the FBR team for their efforts in meeting the targets. He extended his full support to FBR in the performance of their duties for revenue collection. He stressed the FBR team to position themselves according to changes in the economic outlook and advised them to increase their efforts to achieve the true tax potential of the country.
The minister was informed that the FBR has exceeded both targets of Rs. 2,680 billion set for July-November FY23 and the monthly target of Rs. 537 billion for November.
The revenue collection from direct taxes is over 53 percent in the first five months, the source said, adding that this trend in revenue collection will be sufficient to offset the impact of the shortfall in revenue collection at the import stage.
The meeting was also attended by SAPM on Revenue Tariq Pasha, SAPM on Finance Tariq Bajwa, FBR Member Inland Revenue (Operations), FBR Member Customs (Operations), FBR Member Inland Revenue (Policy), and other senior officers from the Finance Division.