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FBR fails to produce last year s collection figures

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Economic Updates - Pak Major Financial News

ISLAMABAD - The Federal Board of Revenue (FBR) has yet to release the official figures of the revenue collection of the previous financial year 2010-2011 despite passing almost one month period which is creating an impression that whether the government has collected Rs 1550 billion or it is another tale of figures fudging.

FBR claimed that they had collected Rs 1550 billion during the last year; however, it did not announce the finalized revenue collection figures of the fiscal year 2010-2011 that was ended on June 30 despite passing one-month period. The delay in announcement of revenue collection is creating doubt whether they actually achieve this target or not.

The economic experts believed that FBR s revenue collection might be less than what it claimed to achieve Rs 1550 billion during the last fiscal year. Therefore the tax department is reluctant to unveil the actual tax collection. Eminent economist Dr Ashfaq Hassan Khan other day told The Nation that FBR has lost its credibility after the figures fudging scam and now the International Financial Institutions would hardly believe on government s figures.

It is worth mentioning here that FBR normally publicised the figures collection during the first two weeks of the month, however this time s delay in it is arising several questions.

Earlier on June 30 in a late night press conference, Chairman Federal Board of Revenue Salman Siddique claimed that they had surpassed the annual revenue collection target, as FBR collected Rs 1590 billion during the previous financial year against the target of Rs 1588 billion.

However later on July 22, the Chairman FBR has backtracked from his statement and said that they had collected only Rs 1550 billion against the earlier claim of Rs 1590 billion registering the shortfall at Rs 38 billion. Earlier, the FBR has posted revenue collection figures of Rs 1590 billion on its website, however after the revenue s figures fudging scandal, the department erase the data. Now, the FBR has posted chart of revenue collection of first three quarters of 2011-2012 on its website.

Meanwhile, the government has failed to determine the responsible officials of the FBR who were involved in the revenue s figures fudging scandal.

 

Courtesy: Courtesy: Nation


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