The government on Monday worked out an outlay of Rs 2.1 trillion for budget 2007-08, and set a target for Central Board of Revenue (CBR) of Rs 1.12 trillion of tax collection at a meeting held here. PM's Adviser on finance Dr Salman Shah was in the chair.
The senior officials of Finance, Water & Power, Commerce ministries; Central Board of Revenue (CBR), Planning Commission, Economic Affairs Division (EAD) and other ministries and divisions attended the meeting.
Sources said CBR Chairman Abdullah Yousaf gave a presentation to the meeting on revenue collection of the first 10 months of the current fiscal year and conveyed that the CBR may cross the target of Rs 835 billion by June 30. He said that projected revenue collection target of Rs 1.12 trillion for the next fiscal year was achievable subject to inclusion of some new areas in tax net.
Sources said Dr Salman Shah hinted at positive response to the CBR call for bringing the new areas under tax in the forthcoming budget. He said the matter will be discussed at the highest level before giving it final shape for announcement.
The meeting also reviewed Public Sector Development Programme (PSDP) for the next fiscal year. It was told the PSDP for the next year will be increased considerably to ensure adequate funding for a number of big projects and initiate some new plans to expedite the process of development in both rural and urban areas.
Sources said Dr Salman Shah endorsed the PSDP size of Rs 505 billion for the next fiscal year and asked the authorities concerned to present it before the Annual Plan Co-ordination Committee (APCC) meeting here on May 21-22. The APCC will discuss nitty-gritty of the next years budget and finalise it for the National Economic Council (NEC), which is likely to meet on May 30. Prime Minister will chair the meeting.
The meeting was told that a major portion of PSDP 2007-08, will go to the provinces for meeting demands for their developmental projects. The federal government's projects like National Safe Drinking Water, Child and Mother Care, HIV and Hepatitis Control Programme and other mega water-related projects will be completed on priority basis.
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