Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Senator Mohammad Ishaq Dar, chaired a meeting to review the 6-month performance of Federal Board of Revenue (FBR) for the period July-December of the Financial Year 2016-17 at FBR headquarters today.
While briefing the Finance Minister, Chairman FBR said that FBR has collected more than Rs 1,467 billion in the first half of the Financial Year 2016-17 as compared to Rs. 1,370.9 billion during the corresponding period in the Financial Year 2015-16, reflecting 7% growth in tax revenues, compared to target revenue growth of 16% for the current fiscal year. He further informed the Finance Minister that revenue collection during December 2016 has been the highest amongst all the 6 months of the current fiscal year so far.
The Finance Minister said that the strong performance in December 2016 bodes well for revenue collection in the second half of the Financial Year 2016-17. While taking notice of the fact that only 7% revenue growth had been achieved in the first half of the Financial Year 2016-17 compared to target revenue growth of 16%, the Finance Minister urged the FBR team to undertake all necessary efforts to make up the revenue shortfall compared to the target set at the beginning of the current fiscal year. He emphasized that strong tax revenue collections are vital to achieving higher, sustainable and inclusive economic growth, which is a primary focus of the government.
The meeting was also attended by Mr. Haroon Akhtar Khan, Special Assistant to Prime Minister on Revenue, and senior officials of FBR and the Ministry of Finance.
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