ISLAMABAD: The Federal Board of Revenue (FBR) collected Rs1.269 trillion in revenues up to December 28 in the ongoing fiscal year against the receipt of Rs1.096 trillion in the same period of previous year, an increase of 16%, a senior FBR official said.
Talking to APP on Tuesday, Member Strategic Planning, Reforms and Statistics and FBR spokesman Dr Muhammad Iqbal stressed that the FBR had performed well with over 16% increase in tax collection. For the whole year, the tax collection target is Rs3.104 trillion.
Iqbal underlined the need for documenting the entire economy and bringing all sectors into the normal tax regime. No statutory regulatory orders (SROs) were issued in the current fiscal year and no such proposal was made for approval of the Economic Coordination Committee of the cabinet, he said.
He pointed out that the matter of SROs was being discussed with all stakeholders including all chambers of commerce, the Ministry of Commerce and the Ministry of Textile Industry. “Despite huge challenges, the FBR’s tax collection drive is on track,” he remarked.
The FBR has expressed the determination to broaden the tax net for strengthening the national economy and enhancing the tax-to-gross domestic product ratio.
According to Iqbal, the FBR collected an extra 28% in taxes in October, November and by mid-December compared to the same period of previous year. He described the revenue board’s performance as very encouraging in the second quarter (October-December) as figures showed a 30% rise in tax receipts.
The spokesman declared that the FBR was determined to issue notices to the people that had failed to file tax returns.
He claimed that administrative reforms in the revenue board were gradually leading to improvement in the tax structure and revenue collection, adding the reforms would continue to address the issue of tax compliance and administration.
Efforts were also under way to bring the FBR on a par with tax authorities of developed nations for achieving economic stability in the country. The government has directed all chief commissioners of regional tax offices to step up efforts for broadening the narrow tax base.