ISLAMABAD, Dec 26: A high level meeting was informed here on Wednesday that the Central Board of Revenue (CBR) may have to further revise downward its annual revenue collection targets due to fall in petroleum prices, rupee appreciation and continued reduction in imports.

Minister for Finance Shaukat Aziz presided over the meeting which was also attended by the chairman, CBR, Riaz Malik, members concerned and other officials of the ministry of finance.

“So far no decision has been taken to further revise downward the revenue targets for the current financial year,” said the finance minister.

He, however, told Dawn that reduction in oil prices and rupee appreciation viz a viz dollar and reduction in sales tax did not provide required revenues. “It all depends and we may review the issue in January next,” he said.

However, he pointed out, necessary instructions had been issued to the CBR officials to collect required revenues. The government had first allowed downward revision in revenues from original Rs 457.7 billion to Rs443 billion then to Rs 430 billion. Now there were reports that the government might further cut revenue target by Rs12 billion for which the IMF and the World Bank were being informed.

According to informed sources, the revenue targets were likely to be revised downward with the consultations of IMF review mission expected to be here in early January 2002.

One of the reasons for low revenues were the reported delay in the restructuring of the CBR, and in its absence revenues could not be substantially increased and leakages plugged.

Vice President of the World Bank for South Asian Region Ms Mieko Nishimizu, during her recent visit was assured that the restructuring of the CBR was likely to be completed early next year.

One of the major recommendations of the Task Force on Tax administration was the removal of massive corruption from the CBR for which it believed that maximum autonomy should be given to tax administration. It also called for improving the present system of recruitment, training, compensation, performance evaluation, promotion and accountability. The government was asked by the task force to improve CBR’s credibility with tax payers.