Govt urged to set realistic targets
FBR has to collect over Rs1 trillion in June, which seemed almost impossible
Many delegates from the United States and government officials were present at the seminar
ISLAMABAD:
The Islamabad Chamber of Commerce and Industry (ICCI) said the government has indicated to set tax revenue target of Rs5.5 trillion in the forthcoming budget, which seemed unrealistic, keeping in view the ground realities.
ICCI President Ahmed Hassan Moughal, Senior Vice President Rafat Farid and Vice President Iftikhar Anwar Sethi said the Rs4.398-trillion tax target was set for fiscal year 2018-19, but during the first 11 months (July-May 2019), FBR managed to collect only Rs3.3 trillion compared to the projected target of Rs3.8 trillion, showing a shortfall of around Rs448 billion. They said FBR has to collect over Rs1 trillion in June, which seemed almost impossible.
The ICCI president said FBR Chairman Syed Shabbar Zaidi, in a letter written to the Prime Minister, has confirmed that prevailing tax system was heavily relying on indirect taxes that put more burden on businesses and the common man.
Published in The Express Tribune, June 2nd, 2019.
The Islamabad Chamber of Commerce and Industry (ICCI) said the government has indicated to set tax revenue target of Rs5.5 trillion in the forthcoming budget, which seemed unrealistic, keeping in view the ground realities.
ICCI President Ahmed Hassan Moughal, Senior Vice President Rafat Farid and Vice President Iftikhar Anwar Sethi said the Rs4.398-trillion tax target was set for fiscal year 2018-19, but during the first 11 months (July-May 2019), FBR managed to collect only Rs3.3 trillion compared to the projected target of Rs3.8 trillion, showing a shortfall of around Rs448 billion. They said FBR has to collect over Rs1 trillion in June, which seemed almost impossible.
The ICCI president said FBR Chairman Syed Shabbar Zaidi, in a letter written to the Prime Minister, has confirmed that prevailing tax system was heavily relying on indirect taxes that put more burden on businesses and the common man.
Published in The Express Tribune, June 2nd, 2019.