ISLAMABAD, June 29: President General Pervez Musharraf has asked the Central Board of Revenue (CBR) to fix the revenue collection target of Rs1 trillion for the fiscal year 2007-08.

An official announcement issued here on Thursday said that the direction came from the president during a briefing on the on-going process of reform in tax administration.

Chairman CBR Abdullah Yousuf informed the president that the revenue collection target of Rs835 billion for the financial year starting from July 1, 2006, would be achieved easily. An effective strategy is being evolved to achieve this target, he added.

Meanwhile, addressing officers at the CBR the chairman disclosed that the Federation of Chambers of Commerce and Industry (FPCCI) had offered full cooperation to deal with the issues like misdeclaration, under-invoicing and smuggling.

“They also informed us that they would also try to identify all those indulged in these mal-practices. They also offered their support and cooperation to expand the tax base,” he added.

Talking about the on-going reform programme, the chairman observed that it was a futuristic and far-sighted programme and it would bring a revolutionary change in the tax culture needed by the country.