Asim Ahmad, the chairman of the Federal Board of Revenue (FBR), made the decision on Wednesday to call a special meeting of the chief commissioners and collectors of the tax offices in Sindh to develop a plan for the second quarter (2022-23) to make up for the Rs. 21 billion revenue shortfall in October.
On Thursday (tomorrow), the FBR Chairman will go to Karachi to preside over the Chief Commissioners’ meeting at the Large Tax Office (LTO) Karachi.
The conference will be attended by and presentations made by the Chief Commissioners of all Karachi Regional Tax Offices, Medium Tax Offices (MTOs), and Corporate Tax Offices. The FBR Chairman will also hear presentations from the chief commissioners of the regional tax offices in Hyderabad and Quetta.
The meeting for collectors of customs will be led by the FBR Chairman on Friday in Karachi.
In collaboration with the Chief Commissioners of the LTOs, MTUs, and RTOs, the FBR is developing a plan to achieve the revenue collection goal established for the second quarter (October to December) 2022–2023
To raise an extra $25 to $30 billion in income, there is a good chance that petroleum goods will be subject to sales tax starting on November 15, 2022.
According to sources, a goal of Rs. 534 billion has been established for October 2022. The projected tax revenue for the second quarter of 2022–23 (October–December) has been calculated at Rs. 2,036.087 billion. The FBR collected Rs. 1,635 billion in the first quarter of 2022–2023
In October, the FBR collected roughly Rs. 513 billion in taxes as opposed to the Rs. 534 billion objectives, a substantial Rs. 21 billion deficit.
In comparison to the objective of Rs. 2,143 billion, tax collections from July through October 2022–23 totaled Rs. 2,148 billion, an increase of Rs. 5 billion.