ISLAMABAD: The newly-appointed chairman of the Federal Board of Revenue, Ali Arshad Hakeem, on Friday hinted that the tax machinery is considering lowering tax rates to lessen the taxation burden on individuals.

Mr Hakeem met Prime Minister Raja Pervez Ashraf on Friday to brief him over his plan for increasing revenue collection in the current fiscal year.

The FBR has missed the revenue collection targets for the past couple of years despite additional taxation and withdrawal of exemptions.

The government has projected a revenue collection target of Rs2.381 trillion for the current fiscal year.

The chairman apprised the premier about revenue position and initiatives taken by the FBR to facilitate taxpayers.

He also informed the prime minister about various steps taken by the FBR to streamline and reorganise the tax collection system for facilitating taxpayers.

Mr Hakeem said that the FBR has embarked upon a policy to increase revenue base by exploring new avenues and lessen the burden on individual taxpayers by reducing the tax rate.

He, however, did not elaborate when the decision would be taken for lowering the tax rates.

The chairman said that reforms being proposed by the FBR shall be people-friendly and increase revenue.

Raja Pervez Ashraf appreciated the efforts of tax officials and asked to work out his reforms plan in consultation with the ministry of finance.

He also emphasised the need for achieving revenue targets set by the government in the budget.

Mr Ashraf hoped that the FBR would achieve targets and plug loopholes in the system.