ISLAMABAD: The fourth Board-in-Council meeting of the Federal Board of Revenue (FBR) has been postponed on Thursday due to engagements of FBR Chairman Asim Ahmad in Lahore.

Earlier, the Board-in-Council meeting was scheduled to be held last month but was canceled. The meeting was again postponed on Thursday.

The meeting would take up the matter of strategy to meet the target during the second quarter of 2022-23.

Member Inland Revenue (Operations) and Member Customs (Operations) have finalised presentations for the Board-in-Council for achievement of the target during December 2022.

The revenue collection target for December 2022 has been fixed at Rs 965 billion requiring extraordinary growth of 61 percent in the last month of the second quarter of 2022-23.

FBR Member Inland Revenue (Operations) Amjad Zubair Tiwana and FBR Member Customs (Operations) Mukarram Jah Ansari will give separate presentations to the tax authorities for meeting the assigned monthly target for the current month.

Breakup of the monthly tax collection target for December 2022 revealed that the income tax target has been set at Rs 546 billion showing a growth of 113 percent. Sales tax target has been set at Rs 273 billion, reflecting a growth of 20 percent.

The target of Federal Excise Duty (FED) has been projected at Rs 41 billion, requiring growth of 64 percent, and the tax projection of Customs duty has been estimated at Rs 104 billion, reflecting an estimated growth of 14 percent. According to the FBR’s month-wise tax projections for 2022-23, extraordinary growth of 61 percent would be required in revenue collection during December 2022.

Copyright Business Recorder, 2022