Sources told Business Recorder here on Friday that the schemes would be presented in the upcoming session of National Assembly starting December 10. The FBR would be able to surpass the revenue collection target of Rs 2,381 billion for 2012-13 in case the Parliament approves the Investment Tax Scheme, 2012 and Tax Registration Enforcement Initiative, 2012 (TREI 2012) to generate an additional amount of Rs 86-100 billion.
The FBR is confident that the approval of the schemes would play a key role in amassing the target of Rs 2,381 billion for 2012-13 without making any downward adjustment. The FBR has no plan to downward revise the revenue collection target of Rs 2,381 billion for 2012-13. Ministry of Finance is the authority to make any adjustment in the revenue projections.
Sources added that the growth of large-scale manufacturing sector was low during the first quarter of 2012-13 and other economic indicators have also shown downward trend. The targets of growth and inflation fixed in budget 2012-13 have changed. Similarly, growth pattern has also changed during current fiscal. This resulted in low revenue collection during July-September 2012-13.
If the current economic situation continues, the FBR would be able to collect about Rs 2,194 billion during 2012-13. The FBR has worked out that the revenue to the tune of Rs 100 billion would be generated from two investment and registration schemes. This would be instrumental in amassing the revenue collection target of Rs 2381 billion by the end of current fiscal.
The FBR has calculated Rs 32 billion through revenue measures at the time of budget (2012-13) and now new revenue measures cannot be taken. Therefore, both the Investment Tax Scheme, 2012 and Tax Registration Enforcement Initiative, 2012 (TREI 2012) would play a key role in increasing revenue collection during 2012-13. If 70 percent of the 3.1 million new taxpayers come into the tax net, it would also help in increasing tax-to-GDP ratio, which may touch 14 percent. The newly identified potential persons are more than 3.1 million.