The Federal Board of Revenue has said that Rs 2,381 billion tax collection target set for 2012-13 is challenging as it requires around 27 percent growth over previous year''s collection to meet the target. According to the Year Book (2011-12) issued by the FBR here on Monday, despite all odds and overall economic slowdown FBR has been able to collect Rs 1,883 billion in 2011-12. Overall target has been met to the extent of around 97 percent.
---- FBR''s Year Book issued
A growth of 27 percent in revenue collection is needed to meet the target for 2012-13. Keeping in view the huge target, FBR field formations have to strive hard and make all-out efforts to achieve the revenue target of Rs 2, 381 billion during current fiscal year. The FBR management is confident that despite challenges, by keeping close liaison with the stakeholders, the organisation will establish a progressive, credible and trustworthy image and will improve revenue collection by providing quality services and a tax-compliant culture.
The efforts will be supported by automation of the tax system. The Integrated Tax Management System (ITMS) will provide assistance to all collectors and policymakers to deal with revenue collection. There will be focus on broadening the tax base and effective audit and enforcement for more resource generation, FBR added.
In his remarks, FBR Chairman Ali Arshad Hakeem said that the performance of FBR is encouraging as tax-GDP ratio has improved by 0.5 percentage points during 2011-2012 and reached 9.1 percent from the lowest level of 8.6 percent in 2010-11. Apart from revenue collection, the FBR has made considerable efforts in the areas like audit, broadening of tax base and liquidation of pending refunds.