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FBR officials brief IMF delegation about revenue target

FBR officials brief IMF delegation about revenue target

ISLAMABAD: A delegation of International Monetary Fund (IMF) has called on FBR Chairman Tariq Bajwa, Directorate General Customs Intelligence & Investigation and other officials here the other day.

FBR officials, while giving briefing to the IMF delegation, said that Federal Board of Revenue has set Rs2,475 billion revenue target for the current fiscal year 2013-14, while last year Rs1,939.4 billion revenue was collected and the deficit remained Rs68 billion. But this year FBR would likely to achieve its target by widening tax net, they added.

The sources said that FBR aims to achieve revenue target for the FY 2013-14 by direct taxes of Rs975.7b, sales tax Rs1053.5b, FED Rs166.8b and Rs279b from customs duty with the required growths of 31.9%, 25.2%, 37.7% and 16.7% respectively.

During the meeting, the IMF was also informed that the revenue collection target for first quarter was almost achieved as Rs481.5 billion were collected against Rs510.8 billion.

Highlighting tax-to-GDP ratio project, FBR officials informed the delegates that during the upcoming years 2014-15 and 2015-16, the tax-to-GDP ratio would be increased 0.7% by widening tax net and improvement in tax administration.