FBR Finalizes Strategy to Achieve Revenue Target for Third Quarter

The Federal Board of Revenue (FBR) has finalized the national strategy to achieve the revenue collection target for the third quarter i.e. for January-March fiscal year 2022-23 (FY23). FBR Chairman Asim Ahmad visited Karachi Port and Large Taxpayers Office (LTO) on Saturday and reviewed the performance of all Chief Commissioners concerning targets assigned for the third quarter. Detailed presentations, outlining the projection and strategy for achieving the budgetary target for the third quarter were given by all Chief Commissioners Inland Revenue (CCIRs). The chairman directed all CCIRs to continue making endeavors to meet the budgetary target fixed for the current month. He underlined the need to facilitate and resolve pending issues of the taxpayers to enable them to contribute to the development of the country. The chairman also directed the effective monitoring of sugar mills to ensure that there is no leakage of revenue. During his visit to South Asia Pakistan Terminal (SAPT), the chairman stressed the need for effective and speedy facilitation of national trade. SAPT, previously a part of Appraisement East, has recently been notified as a separate Appraisement Collectorate. The chairman stressed the pivotal role of smooth port operations towards a robust national economy. He appreciated Pakistan Customs for its significant contribution towards achieving FBR’s overall targets despite the current import compression. He also acknowledged the efforts of Pakistan Customs to curb the menace of mis-invoicing and under-invoicing by revolutionizing the valuation methods and assessment approach. The chairman also visited the sea terminal yards and berth areas where he was briefed about the port operations through practical demonstration. He assured that the government will make all-out efforts to address the trade-related issues at the earliest.