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We have no other option but to enhance revenue in order to support our government and economy during the difficult times. Addressing FBR Members, Chief Collectors and DGs of Large Tax Payers Units and Regional Tax Offices, Shaukat Tarin, Minister for Finance, Revenue, Economic Affairs & Statistics stressed upon FBR for determined efforts towards increasing the revenue. He was presiding over a Conference of Chief Collectors and DGs of Large Tax Payers Units and Regional Tax Offices here in Islamabad on 21st August 2009. Secretary Finance/Revenue Division, Salman Siddique was also present at the occasion among other FBR officials.
Members of Advisory Council on Revenues, S. Shabbar Zaidi, Bashir Ali Mohommad, Saqib Sherani and Shahid Hussain attended the said conference and offered proposals and suggestions towards developing a tax compliant culture.
Talking about revenue contribution made by different sectors, the Minister said, we have to enhance Tax to GDP ratio from 7% to 15- 20 percent by the year 2010. He was of the view that if we look at the contributions of Agriculture Sector towards the GDP, it is 22 percent but zero in the revenues, similarly Services Sector contributes 52 percent in the GDP but their contribution in revenues is only 17%. Whereas, Capital gains of Stock Exchange and Real Estate Sectors has much more potential. He showed his confidence in tax machinery and said that with realization of the situation and commitment we can achieve the desired results.
The Minister urged FBR to conduct a Third Party Audit, which would be carried with the help of ICAP. Strategy to improve collection, review and update on the revenue targets assigned to field formations, uniformity of practices in examination, valuation, assessment and trade facilitation and strategy to check smuggling also came under discussions.
Chairman FBR, Sohail Ahmad, in his concluding remarks assured that through the ongoing re-organisation of tax machinery, a definite improvement is expected. He was optimistic towards better performance of all the field formations. He stated that the main purpose of the Conference is to close the gap between policy making and implementation besides sharing of experience.