Inside Financial Markets

Finance Minister reviews performance of FBR

fbrFinance Minister reviews performance of FBR

Federal Minister for Finance Senator Mohammad Ishaq Dar reviewed the performance of Federal Board of Revenue for period July-December 2013 at the FBR House here this morning.

The Finance Minister also reviewed the progress made by FBR in the compilation of Tax Directory for Parliamentarians and its publication by February 15, 2014.

The Finance Minister said that though an ambitious revenue target of Rs.2475 billion was set by the government, it is satisfying to learn that FBR has achieved a growth of 16% in its Revenues. This he said was made possible because of pro-business policies of the government, improved financial discipline, clearing of circular debt leading to increase economic activity in the country.

The Chairman FBR Mr. Tariq Bajwa said that FBR had collected Rs.1031 billion till December 31, 2013. Besides it has refunded Rs.56 billion against Sales Tax compared to Rs.44 billion in the corresponding period last year.

The Finance Minister said that use of information technology for data collection is the way forward to increase revenues and widen tax base in the country. In this connection FBR officials should coordinate with organizations within the country as well as interact with His Majesty Royal Revenue Service United Kingdom  and Turkey which are success stories in increasing and collection of taxes.

The Finance Minister said that while the increase in revenue collection is appreciable. FBR officials will have to redouble their efforts to meet the target as it is critical for the economy of the country.

The Finance Minister who also chairs a High Powered Committee to streamline and rationalize Statutory Revisionary Orders (SROs) directed FBR to hold its meeting more frequently so that an expeditious decision about SROs can be made at the earliest.

The meeting was attended by senior officials of FBR and Finance Ministry

Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)