The ministry of finance has conveyed to President Musharraf that the tax machinery would be able to surpass revenue collection of Rs 1 trillion during 2007-2008.
Secretary General Revenue Division and FBR Chairman M. Abdullah Yusuf told Business Recorder on Thursday that there is no proposal for downward revision of revenue target of Rs 1.025 trillion set for 2007-2008. The ministry of finance had given a presentation to the President on overall economic situation including revenue collection of the FBR on Wednesday.
"We have not conveyed scaling down of revenue collection target to the President. So far, no decision has been taken to bring down the tax projections for the current fiscal year. The FBR will try its level best for crossing Rs 1 trillion mark during 2007-2008," Yusuf added.
Meanwhile, the FBR latest data shows that there is reduction in shortfall in revenue collection during current fiscal year. The FBR has managed to collect Rs 435 billion in the first half (July-December) 2007-2008 against Rs 410 billion in the same period of last fiscal year, showing an increase of Rs 25 billion.
The board has managed to collect another Rs 5 billion during July-December 2007-2008 during the last few days. This revenue was in the pipeline from far-flung areas, which has been collected now. It is expected that around Rs 1-2 billion more revenue would be collected during the period under review.