The Federal Board of Revenue (FBR) has directed all the chief commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to share their experiences and strategy adopted for revenue collection in 2014-15 at national tax conference to be held on July 24 (Friday) for successfully meeting the assigned targets of 2015-16.
Sources told Business Recorder here on Monday that the FBR has issued instructions to all LTUs and RTOs to come prepared in this regard. According to the FBR's instructions, chief commissioners' conference is scheduled to be held on July 24 at the FBR house to review the performance of each LTU/RTO for the tax year ending on June 2015.
The chief commissioners will share their experiences pointing out both weak and strong areas. They will also share the lessons learnt and propose measures and suggestions with regard to future strategy for the current tax year. The revenue measures for the tax year 2015-16 shall also be deliberated upon for implementation with the start of the financial year, FBR added.
Sources said that the tax authorities will discuss the budgetary measures introduced through Finance Act 2015. The revenue impact of each measure and strategy would be discussed in the conference. The FBR will also set monthly and quarterly revenue collection targets of each LTU and RTO. The government has fixed Rs 3103.7 billion as revenue collection target for 2015-16 against the downward revised target of Rs 2605 billion in 2014-15, reflecting a growth of around 19 percent.
Targets of each RTO and LTU would be projected keeping in view the annual target for 2015-16. Break-up of tax projections for 2015-16 revealed that the direct taxes target has been set at Rs 1347.9 billion against revised target of Rs 1109 billion. Sales tax projections have been estimated at Rs 1250 billion for next fiscal year against downward revised target of Rs 1082 billion in 2014-15. The estimates of Federal Excise Duty has been set at Rs 206.4 billion in 2015-16 against slashed target of Rs 159 billion and projections of customs duty has been estimated at Rs 299.1 billion in 2015-16 against Rs 159 billion in 2014-15. Sources added that the revenue collection position of each LTU/RTO during the 2014-15 as compared to assigned targets during last fiscal year. The payments of refunds to the exporters would also be discussed in the conference.