ISLAMABAD, June 22: The Chairman Central Board of Revenue (CBR) Abdullah Yousuf on Thursday said that the revenue collection would easily cross the Rs700 billion mark as against the target of Rs690 billion by end of the current month.

Addressing a press conference here on Thursday the chairman said that the tax authorities had so far realized around Rs661.5 billion as on June 21. "We would achieve our target easily", he added.

The chairman said that more than Rs25 billion of additional revenue would be collected due to the new taxation measures announced in the budget of 2006-07. However, an amount of Rs16.5 billion would be lost due to relief measures taken in the budget.

When asked about the taxation measures providing maximum relief to the high salaried class, the chairman said that his team did a lot to give maximum relief to all. However, he said that it was not possible to avoid it. He was of the view that the new taxation regime for the salaried class was to facilitate all taxpayers.

He said Member Direct Taxes Salman Nabi, the architect of the new system, defended it on the pretext that it was not possible to raise the rate for the higher salaried class, which was reduced in the budget due to which they were given maximum relief. The chairman was of the opinion that the general sales tax (GST) and income tax were the tax of the future. He said that the GST net was extended to all items, which was as per international standards, while the share of income tax collection did not increase to the extent as was expected.

"There is a room for improvement. We are working for collecting data in this regard," the chairman said.

Answering a question, he said that the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) had offered to help tax officials in reducing the menace of under-invoicing and over-invoicing causing harm to the national kitty.