Finance Minister presides over a meeting on Revenue Performance of FBR
The Federal Minister for Finance and Revenue Mr. Muhammad Ishaq Dar visited the FBR and presided over a meeting on the revenue performance of FBR. The Chairman FBR and Members of the Board (FBR) attended the meeting.
Mr. Asim Ahmad, Chairman FBR extended a warm welcome to the Minister on behalf of the FBR team. Chairman gave the presentation and explained various revenue initiatives taken by FBR and issues currently being faced in revenue administration. It was briefed to the Minister that FBR has successfully achieved its monthly targets for the months of July and August, 2022 and In Sha Allah will also achieve the quarterly target up to September, 2022. This performance is despite the slowing down of economy in the month of September due to floods, import contraction and shrinking of demand due to inflation in the country as well as no sales tax on POL products.
The Finance Minister appreciated the FBR team for their efforts in meeting the targets. He assured the team that he will extend full support in the performance of their duties and will engaged with them frequently. He advised the FBR team to position themselves to the quick changes in economic outlook. He further advised the FBR to increase its efforts to achieve the true tax potential.
He especially appreciated the work done by FBR in terms of increasing the share of direct taxes (income tax and capital value tax) in the total share of taxes as compared to last year through important tax measures taken this year for taxing the rich. The Finance Minister also highlighted the importance of taxpayers’ engagement in devising tax policies and revenue collection efforts.