October 7, 2021: The 5th Board-in-Council meeting of the Federal Board of Revenue was held under the chairmanship of Dr. Muhammad Ashfaq Ahmed, Chairman FBR.
The Board-in-Council decided to speed up the measures required to broaden the tax base, document the economy through POS, and fast track implementation of Track and Trace System on Tobacco, Sugar, Fertilizers, Cement, Beverages, Petroleum and Pharmaceutical sectors.
The Board-in-Council members deliberated upon the decent growth of 38.3 % in revenue collection for the first quarter (July-September) of the current FY 2021-22 and conveyed their appreciation for the field formations. The net revenue collection of Rs1,395 billion, exceeding the set target for the first quarter, has also been appreciated by the Prime Minister.
The Board-in-Council also devised a robust strategy to keep the same momentum of revenue collection in the second quarter starting (October to December) of the current Financial Year. They expressed their strong resolve to collect substantial revenue in the second quarter and thus exceed the target set for this period.
The Board-in-Council meeting also appreciated the comprehensive print and electronic media campaign launched by the FATE Wing which helped FBR receive a massive number of 1.86 million returns till 30th September 2021 garnering a tax of Rs39 billion with the returns. The members, particularly, mentioned the impact created by the videos of national heroes and renowned celebrities appealing to the general public through social media to file their returns within the due date.
They thanked all the national heroes for their valued support in making this campaign highly successful. The members also lauded the initiative of FATE Wing to use all cellular companies for SMS outreach to the people to file their tax returns.