Last Updated on Tuesday, 30 November 1999 05:00 Friday, 05 August 2011 11:03
ISLAMABAD - The Federal Board of Revenue Thursday decided that Chief Commissioners should prepare their revenue estimates based on rate of inflation, economic growth and their efforts in enforcement, demand creation, audits and bringing new taxpayers in the net and these estimates shall be reviewed in the FBR headquarters and revenue estimates for the current financial year shall be finalised thereafter.
A Chief Commissioner s Conference was held under the Chair of Secretary Revenue Division Salman Siddique on Thursday. The meeting discussed the strategy to collect the revenue collection target of Rs 1952 billion set for the ongoing financial year 2011-2012 and it was decided in the meeting that FBR would focus on enforcement, audit and bringing new taxpayers in the tax net during the current fiscal year 2011-2012 in order to achieve the revenue collection target.
It was also decided in the meeting that revenue estimation to be an interactive exercise involving the Chief Commissioners and the FBR beginning with the current financial year. The meeting also took several decision including reporting mechanisms to be strengthened at head quarter level, maximum efforts would be directed towards collection of arrears, the collection of withholding tax by withholding agents would be monitored and reported on a monthly basis.
The meeting also agreed to broadening of tax base by bringing 700,000 new taxpayers in the tax net would be accelerated and reviewed every month, technology shall be upgraded to eliminate illegal inputs and illegal refunds in the Sales Tax system. Meanwhile it was clarified that under the reformed structure of FBR, no separate post of Member Sales Tax was under consideration.
Long due promotions in Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) would be pursued with the Establishment Division and early convening of the Central Selection Board would be requested, the meeting decided. The delegation of powers of posting and transfers in FBR would be reviewed in a special meeting of Board-in-Council. Recommendations would be made to the Government to reform the cadre structure of IRS and PCS, so that promotion pyramid is balanced and positions are available at the highest grade (BS-22) to incentivise the two services.
Forex open Market rates & comments Archive
Open Market Comments
Daily US Dollar Report