FBR devises strategy to bridge revenue collection shortfall

KARACHI: In order to achieve revenue collection and bridge the shortfall of Rs1750 billion in the remaining months of the fiscal year, Chairman Federal Board of Revenue (FBR) chaired a high-level meeting and assigned senior officers with various tasks.

The meeting established that smuggling, under-invoicing and mis-declaration pertaining to imported consignments was causing revenue leakage, which needed to be plugged.

Subsequently, Member Customs Nasir Masroor held meetings with Director General Customs Valuation Syed Tanveer Ahmed, Director Valuation Wasif Memon, Additional Directors Iqbal Muneeb, Imran Bukhari and Mumtaz Khoso and assigned them the task to issue 135 Valuation Database Letters in two weeks time. Deputy Directors Rizwan Bashir, Shoib Raza, Nausheen Riaz, Abdul Majeed, Abdul Qadoos and their respective staff are developing the database.

After this database is developed, the same would be converted into Valuation Rulings.  Although these Database values have invited several litigation cases, yet Member Customs has issued clear directives to implement the reference values.

Member Customs also held meeting with Chief Collector Abdul Rasheed Shaikh, Collector Appraisement West Dr. Fareed Iqbal Qureshi, Collector Appraisement East Ashad Jawad, Collector Port Qasim Mukarram Jah and advised them to implement the reference values notified vide Valuation Database Letters issued from time to time. These reference values are also being implemented at collectorates and dry ports throughout the country.

Director General Customs Intelligence Shaukat Ali is tasked to curb smuggling. Shaukat Ali has, after discussions with directors of Customs Intelligence, approached Rangers, FC, Coast Guards to seek their assistance in the anti-smuggling campaign since Customs does not have enough resources to single handedly tackle the smuggling.

The Federal Board of Revenue (FBR) has collected Rs1,452 billion during first half (July-Dec) period of the current financial year 2016-17 against desired target of Rs1,594 billion, registering a shortfall to the tune of Rs142 billion.

The FBR will have to achieve gigantic task of collecting Rs2,152 billion during the second half (Jan-June) period of the current fiscal year in order to materialise highly ambitious target of Rs3,604 billion on June 30, 2017.

Print Friendly, PDF & Email
Bookmark the permalink.

Comments are closed.