ISLAMABAD: Federal Board of Revenue (FBR) Chairman Dr Muhammad Ashfaq Ahmed is expected to brief federal cabinet chaired by Prime Minister Shehbaz Sharif on updated revenue collection, tax reforms, documentation measures and strategy to meet the upward revised revenue collection target of Rs6.1 trillion for 2021-22.
Sources told Business Recorder that the tax authorities of the FBR were in constant touch with the Federal Minister for Finance and Revenue Miftah Ismail during his meetings with the International Monetary Fund (IMF) in the United States. Chairman Dr Muhammad Ashfaq Ahmed, a professional senior tax official, remained engaged with the Finance Minister during these meetings with the IMF.
According to the sources, the budget making process has been started in the FBR and Chairman FBR has started budget meetings with the stakeholders. FBR Members Inland Revenue and Customs (Policy) have also given presentations to the FBR Chairman on the initial sketch of budget proposals for 2022-23.
The tax authorities are likely to brief the federal cabinet on the targets of the IMF program, progress on tax reforms, measures to reduce litigation and other tax-related issues next week. The revenue collection position is satisfactory and the FBR would be able to achieve the assigned revenue collection target of Rs6.1 trillion by the end of current fiscal year.
Presentation to PM being finalised by FBR
FBR Chairman may also inform the cabinet on the status of industrial package and personal income tax (PIT) reforms.
The FBR will also brief the cabinet on the Inland Revenue Strategic Reform Plan (2021-25) covering reform actions to improve tax administration in four strategic reform areas, i.e., improving tax compliance, strengthening tax administration, building institutional capacity, and reinforcing legislative framework.
Prime Minister had asked the tax authorities to give a detailed presentation on various aspects of taxation, revenue forecasting and reforms in the tax administration.
Copyright Business Recorder, 2022