Sources told Business Recorder here on Saturday that the FBR chairman has started internal meetings with the members and senior officials for finalisation of the presentation for the Prime Minister at the PM's Office.
Finance Minister Asad Umar and Minister of State for Revenue, Hammad Azhar are expected to join the FBR team.
In case the FBR team headed by FBR Chairman Mohammad Jehanzeb Khan would give presentation to the Prime Minister, it would also cover new policy measures and changes in the tax administration. The briefing would cover impact of revenue and administrative measures for generating additional revenue during the current fiscal year.
The FBR will brief the PM on effective utilisation of data of all public sector organisations to broaden the tax net through data integration which can help identify tax evaders. The FBR will also share blueprint of its development needs for the next three years and a prospective plan on the IT and communication side for the next 10 years under a systematic plan with a clear roadmap. The FBR will inform the PM about the progress on cases identified as high net worth evaders who did not file tax returns. This exercise will be vigorously extended on continuous basis to identify major non-filers drawing huge amounts of income/holding high value assets.
The FBR will share progress report on action started against all those tax evaders who have purchased properties over Rs 20 million, or purchased 1800cc or larger engine cars, or received rent to the tune of Rs 10 million or more in a year but not bothered to file their tax returns; therefore not in the list of taxpayers. The drive for the recovery of tax from these big tax evaders has already been launched across Pakistan without any discrimination.
The FBR is facing a shortfall of Rs 60 billion during the first four months (July-October 2018-19), as provisional collection during July-October current fiscal year stood at Rs 1,106 billion against target of Rs 1,166 billion.
The FBR is facing an uphill task to meet the ambitious revenue collection target of Rs 1,115 billion in the second quarter (October-December) of 2018-19.
The FBR has suffered shortfall of Rs 15 billion during the first quarter (July-September) of 2018-19. The tax projections of Rs 1,100 billion for the second quarter plus shortfall of Rs 15 billion in the first quarter of 2018-19 would require FBR to collect Rs 1,115 billion during the second quarter (October-December) of 2018-19.
The FBR has estimated to collect Rs 71 billion from four areas i.e. recovery from audit, high net worth individuals, liquidation of litigation cases and revenue from tobacco sector during the year 2018-19.
Sources said that the FBR has estimated tax demand from audit/high net worth individuals to the tune of Rs 37 billion, expected revenue generation from liquidation of litigation cases would generate Rs 20 billion and estimated revenue from tobacco sector stands at Rs 14 billion. The accumulative effect of the said measures comes to Rs 71 billion.