ISLAMABAD: The Federal Board of Revenue (FBR) Sunday finalised a strategy to meet the assigned revenue collection target of August 2024.

Sources said that Chairman FBR Rashid Mahmood Sunday held a Video Link Conference (VLC) Sunday with all Chief Commissioners Inland Revenue (IR) and Commissioners IR to deliberate the strategy to achieve August 2024 revenue targets and quality of assessment work.

All the Commissioners IR briefed Chairman FBR on tax targets vis-à-vis tax collection so far during this month.

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Sources further said that Commissioners IR also informed FBR Chairman about the performance of major revenue spinners of direct and indirect taxes. The recovery of arrears, withholding tax rates and impact of budgetary measures (2024-25) were also discussed.

Till now, the FBR is facing nearly Rs50billion revenue shortfall in the current month August due to many reasons including major reshuffling and transfer/ posting of IRS and Customs officers during the month. In July 2024, the FBR met the tax monthly collection target.

The tax officials are expecting major transfer/ posting in the first week of September. There is a possible change in the positions of key slots like Members in the FBR.

Chairman FBR had posted a seasoned tax officer Hamid Attique Sarwar as new Member IR policy and sources close to chairman informed that FBR Chairman will take input from Member IR (Policy) for taking important decisions on FBR’s affairs due to Member’s vast experience of reforms and taxation matters.

Copyright Business Recorder, 2024