ISLAMABAD, May 16: The federal government is expected to fix a revenue target of Rs670 billion for the financial year 2005-06 against current year’s Rs590 billion, according to a senior government official. Accordingly the next year’s revenue collection would be 13.5 per cent or Rs80 billion higher than current year’s revised target of Rs590 billion, sources said.

The revenue target was originally fixed at Rs580 billion in the budget of 2004-05. Sources said the revenue targets were discussed at a meeting Adviser to the Prime Minister on Finance Dr Salman Shah held with Central Board of Revenue (CBR) Chairman M. Abdullah Yousaf here on Monday.

The sources said the CBR had collected slightly over Rs451 billion in the 10 months (July-April) of current year. This is about 13.6 per cent or Rs54 billion higher than last year’s Rs397 billion collection.

Sources said the CBR would have to collect about Rs139 billion in the last two months (May-June) of the current fiscal year. Average monthly revenue collection during the current year has stood at Rs45 billion. However, the CBR would have to collect about Rs69.5 billion each in the remaining two months. Traditionally, maximum revenue proceeds are realised in the month of June and hence the target would be achieved, a Central Board of Revenue official said.