Islamabad: The Federal Board of Revenue (FBR) has proposed the government to set its tax collection target in the upcoming federal budget at PKR 5.1 trillion, a news source reported.
Furthermore, the federal institution has called for revising revenue collection estimates in a bid to meet the fiscal adjustment targets set by the International Monetary Fund (IMF).
The said international agency recently asked the government to set a tax collection target of PKR 5.4 trillion for the upcoming fiscal year (FY2019-20). This figure represents a 13% increase from the current tax collection target, which stands at PKR 4.1 trillion.
At present, FBR is struggling with meeting its tax collection requirements for the current financial year (FY2018-19). It has yet to collect taxes worth well over a trillion rupees in order to achieve the revenue target fixed for the last quarter (April-June) of FY2018-19.
The board has also hired consultants for finalising its tax reforms strategy. These officials include communication and procurement specialists, among other experts.