The Federal Board of Revenue (FBR) is anticipating a revenue shortfall of around Rs 120 billion in third quarter of current fiscal year; it is learnt. This was disclosed during a performance review meeting headed by Haroon Akhtar, Advisor to PM on Revenue and Dr Muhammad Irshad Chairman FBR, held at LTU-I office here Friday. The meeting was conducted to review the performance of Sindh and Balochistan field formations.

Sources toldBusiness Recorder that LTU-I, Karachi, which was collecting 70 percent of total revenue generated from oil sector, informed the advisor and Chairman FBR that the revenue impact of reduction in oil prices was expected to be around Rs 120 billion. The decline in revenue is mainly due to reduction of sales tax on petroleum products.

Sources said that chairman FBR had also showed grave concern over the decline in revenue collection made on account of banking transactions. Moreover, sources said that LTU-I Karachi was directed to depict 17 per cent growth in the months of February and March. Similarly, chairman FBR has also fixed 30 per cent growth target for LTU 2 Karachi in February and March.

Sources said that chairman FBR had also ordered the field formation to initiate strict action against unregistered persons and non-filers and for the purpose, market survey should be commenced on immediate basis. They further said that other field formations were ordered to maintain 30 per cent growth and added that Directorate Intelligence and Investigation IR was also directed to finalise the cases of money laundering with rapid pace. The meeting was attended by the officers of all relevant departments.

Copyright Business Recorder, 2017