ISLAMABAD, July 2: Minister for Finance Shaukat Aziz on Tuesday said that Rs460 billion revenue collection target, set for 2002-2003, is now achievable after collection of Rs401 billion revenues during the last financial year.

“Had the CBR failed to collect Rs400 billion plus, it would have been difficult to make the revenue projections of Rs460 billion for the current financial year,” he added.

Talking to Dawn, he said that Rs416 billion has been made the “base” for collecting Rs460 billion during 2002-2003. He said 4.5 per cent GDP growth target and 4 per cent target of inflation will also be achieved by ensuring collection of adequate revenues during the current financial year.

The collection of sales tax and direct taxes, he pointed out, was good, but problems were faced in collecting customs and excise duties during 2001-2002.

In reply to a question, he said that a large tax payer unit has been established in Karachi on Monday to provide extra care to the corporate sector with a view to having more revenues.

He said that a contract has been signed with a British firm for the restructuring of CBR for which 2.2 million dollars have been made available by the World Bank.

The firm, he said, would advise the CBR authorities about increasing revenues and plug leakages. The process of restructuring currently being undertaken on the recommendations of tax administration committee, will also continue, he added.

The finance minister said that the British firm will further help in personnel management and for creating additional capacity to undertake reforms.

Talking about the visit of Thai prime minister, Aziz said that a decision has been taken to have the meeting of new Joint Ministerial Commission in August for increasing trade and economic cooperation between the two countries.

“We have identified a number of areas for increased cooperation and the matter will be finalized during my meetings with Thai authorities in August next,” the finance minister added.

He said there will be follow-up meetings on various issues including the possibility of Thailand’s investment in Pakistan in the field of fisheries, gems and jewellry, tourism, light engineering and automobiles.

Aziz said that after about well over 20 years, any prime minister of Thailand has visited Pakistan and pledged to have extensive cooperation between the two countries.