Dar chairs meeting to review fiscal targets

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ISLAMABAD, Dec 28 (APP): Finance Minister Senator Mohammad Ishaq Dar Monday directed the Federal Board of Revenue (FBR) to further improve the draft Voluntary Tax Compliance Scheme so as to attract maximum number of new tax payers and achieve the aim of broadening the tax base.

The minister issued the directives while chairing a meeting to review fiscal and revenue targets and measures for broadening of tax base.

Senior officials of the Ministry of Finance and Federal Board of Revenue participated in the meeting.

The meeting was apprised of the status of expenditure during the second quarter of the financial year.

It was noted that the expenditures during the first 5 months were broadly in line with the fiscal targets, while every effort was being made to meet the end December target.

The minister expressed satisfaction on the fiscal situation and directed that it must be ensured that fiscal limits were strictly adhered to.

The FBR Chairman informed the meeting that revenue collection up to November 2015 and the first three weeks of December was satisfactory, hoping that the Board would be able to achieve the revenue target for December 2015.

The minister was also briefed on the steps being taken by the FBR for broadening the tax net, facilitation of the tax payers and simplification in the procedures for filing tax returns.

The minister was also given a detailed briefing on the draft Voluntary Tax Compliance Scheme prepared by FBR following a series of meetings and negotiations with the representatives of traders from all over the country.

The Scheme is an important element of FBR’s efforts for broadening of tax base.

Special Assistant to Prime Minister (SAPM) on Revenue, Haroon Akhtar Khan, Secretary Finance Dr Waqar Masood Khan, FBR Chairman Nisar Mohammad Khan and other senior officials attended the meeting.