Federal Board of Revenue (FBR) Chairman Asim Ahmad Wednesday decided toconvene a special Chief Commissioners’ conference and Chief Collectorconference of tax offices located in Sindh to devise a strategy for thesecond quarter (2022-23) to overcome the revenue shortfall of Rs. 21billion in October.
The FBR Chairman would reach Karachi on Thursday (tomorrow) to chair theChief Commissioners conference at the Large Tax Office (LTO) Karachi.
The Chief Commissioners of all Regional Tax Offices, Medium Tax Offices(MTOs), and Corporate Tax Offices of Karachi will attend the meeting andgive presentations. The Chief Commissioners of Regional Tax Offices ofQuetta and Hyderabad will also give presentations to the FBR Chairman.
On Friday, the FBR Chairman will chair the Collectors of Customs conferencein Karachi.
The FBR is working on a strategy to meet the revenue collection target setfor the second quarter (October to December) 2022-23 in consultation withthe Chief Commissioners of the LTOs/MTUs/RTOs.
There is a strong possibility to impose a sales tax on petroleum productsfrom 15th November 2022 to generate additional revenue of Rs. 25 to 30billion.
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Sources said that the target for October 2022 was set at Rs. 534 billion.The tax projection for the second quarter (October to December) of 2022-23has been estimated at Rs. 2,036.087 billion. In the first quarter of2022-23, the FBR collected Rs. 1,635 billion.
The tax collection of the FBR stood at nearly Rs. 513 billion in Octoberagainst the target of Rs. 534 billion, depicting a massive shortfall of Rs.21 billion.
The tax collection from July to October 2022-23 amounted to Rs. 2,148billion against the target of Rs. 2,143 billion, reflecting an increase ofRs. 5 billion.
