The revenue collection target for 2004-05 is likely to be Rs 571.2 billion. This would be Rs 61.2 billion higher than the original target of Rs 510 billion for the fiscal 2003-04.
Sources told Business Recorder here on Thursday that the Central Board of Revenue (CBR) and the International Monetary Fund (IMF) have chalked out the figure of Rs 571.2 billion during the recent series of meetings on tax projections.
IMF team comprising Van Rooden, Taimur Baig and Harald Finger held series of meetings with Central Board of Revenue (CBR) Chairman Abdullah Yusuf and his reform team headed by Member Tax Policy and Reforms M.S. Lal and other members, including Member Income Tax Vakeel Ahmed Khan.
Keeping in view the previous year's performance, the initial tax projections were worked out between Rs 566-570 billion for the next financial year. The estimates were on the basis of 10 percent increase in the target of Rs 510 billion set for the current fiscal taking the figure to Rs 561 billion.
The CBR is committed to take additional revenue measures of Rs 5 billion in the Budget 2004-05, which moved the figure to Rs 556-570 billion. Keeping in view the economic indicators like GDP growth rate, inflation and reform initiatives, including expansion of tax-base, sources said that the break-up of tax-wise projections have been hammered out on the basis of figure of Rs 571.2 billion.
The CBR has also conveyed additional taxation measures to be taken in the forthcoming budget to the IMF mission, the sources said.