Owing to the controversy over misreporting of revenue figures, the State Bank of Pakistan (SBP) has decided that it would be issuing revenue collection figures only after reconciling them with the Accountant General Pakistan Revenues (AGPR).
An official source said that the decision of the SBP has lead to delay in the announcement of the revenue collection figures for the last fiscal year and for the first month July of the current fiscal year. Previously the Federal Board of Revenue (FBR) used to issue revenue collection figures on first or second of every month. These figures were based upon the receipts of FBR field offices in the central bank.
However, SBP has intimated FBR that it would be releasing final figures only after reconciling them with AGPR. The decision was made after the misreporting of the revenue collection figures for the last fiscal by FBR, which it’s high up now attribute to confusion over gross and net collections, the source said. The controversy over the revenue collection figures resulted in the exit of upright former Governor SBP, Shahid Kardar. The controversy also caused embarrassment to the government that was readying for critical talks with the International Monetary Fund (IMF) on the revival of the suspended $11.3 billion programme. And now the chances of revival of the programme are bleak and Pakistan would have to opt for a new bailout package with stringent conditions.