The Federal Board of Revenue (FBR) has collected Rs 1,269 billion in revenues as of December 28 during the current fiscal year against the collections of Rs 1,096 billion during the same period last year, showing an increase of 16 per cent, a senior official of the Board said.
Strategic Planning Reforms and Statistics (SPR&S) Member and FBR spokesman Dr Muhammad Iqbal told the news agency that FBR had performed well in tax collection with over 16 per cent increase in taxes so far as compared to the previous year.
The FBR spokesman said that the Final Tax Regime (FTR) is under consideration in coming fiscal budget 2015-16.
He added that there is need to phase out the FTR for documented economy and bring all the sectors in normal tax regime.
Dr Iqbal said no Saturatory Regulatory Orders (SROs) were issued in the current fiscal year and no such measure was proposed to the high level committee for further approval in Economic Coordination Committee of the Cabinet (ECC).
He said that SROs issue was under discussion with all stakeholders including all chambers of commerce and the Ministry of Commerce and the textiles industry. “Despite huge challenges, FBR’s tax collection was on track,” the spokesman said.
Dr Iqbal said that FBR was committed to broadening the tax net for strengthening the national economy and to enhance tax to GDP ratio in the country in line with the policy of the government.
FBR had collected an amount of 28 per cent extra in the months of October, November and first half of December as compared to the same period of the previous year, he said.
The performance of FBR, he said was very encouraging in the second quarter of the current fiscal year and figures showed 30 per cent increase in collection of taxes, he added.
He said that FBR was determined to issue notices to those non-compliant persons, who have not filed their tax returns.
The FBR spokesman said that the Board’s administrative reforms were gradually leading to improvement in tax structure and revenue collection.
The reforms, he said would continue to address the issue of tax compliance and administration. The spokesman said that serious efforts were underway to bring FBR at par with the tax authorities of the developed countries in order to bring economic stability in the country.
He said that the government had directed all the chief commissioners of regional tax offices to accelerate the efforts for broadening the tax base.
The report can not be believed. Only 30000 people have submitted tax-returns against an estimated about half a million. And do not compare it with last year's figure. Should also indicate what was the target for this year because every year the target is lowered at the end of the year. The SRO has been termed a 'curse on the system' by an ex-State Bank Governor and should be done away with because a lot is rebated to importers and lot of space between actual and changed Invoices.
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