Finance Minister, Senator Mohammad Ishaq Dar, Tuesday, appreciated the Federal Board of Revenue (FBR) for registering record growth of 16.2 % in revenue collection in March, 2017 compared to the same period in the previous fiscal year. Thus, total collection by FBR in first nine months of the current financial year stands at Rs 2258 billion which is unprecedented in FBR history.
Addressing a meeting of senior officials of FBR, the Finance Minister emphasized that all out efforts must continue during the last quarter of the financial year to achieve the revenue targets. He hoped that the FBR would be able to bridge the gap through a concerted effort.
The Minister stated that the shortfall that FBR experienced in the first eight months was due to the pro growth incentives offered to various sectors of the economy particularly exports and agriculture; major revenue gap amounting to Rs 100 billion was due to the fact that the government had absorbed a considerable impact of increase in POL prices without passing it on to the common man.
The Minister said that having achieved macro-economic stability through its prudent fiscal policies, the government was now fully focused on consolidation of economic gains achieved thus far.
It was endeavoring to achieve sustainable and inclusive economic growth and revenue generation was the most important factor in this regard. He emphasized the need for the tax collectors to maintain a spirit of cordiality with the tax payer as it was the very essence of a good tax culture in any country.