ISLAMABAD, Aug 7: The federal government is likely to revise downward the annual revenue collection target from Rs460.6 billion to around Rs450 billion for the fiscal 2002-03, reliable sources told Dawn.

The downward revision may be decided following a briefing to the International Monetary Fund review mission, scheduled to arrive here on Thursday to carry out third review under the Poverty Reduction and Growth Facility (PRGF) programme.

The five-member IMF mission, to be led by Klaus Enders, included Herve Joly, Axel Schimmelpfenning, Yuri Sobolev and Peter Breuer.

Central Board of Revenue chairman Riaz Ahmed Malik will give a detail briefing on August 9 to the visiting IMF mission on the revenue performance and expenditure developments in the financial year 2001-02.

The IMF mission will also be briefed on the revenue performance in the first month of the current fiscal. The Fund will also be given tax-wise presentation on the projection for the financial year 2002-03.

The tax authorities were of the opinion that the revenue target of Rs460.6 billion for the current financial year had been set on the basis of the revised target of Rs414.3 billion for the out going fiscal year, which the CBR failed to achieve and collected only Rs403.4 billion.

The sources said that decision to revise the revenue target for the fiscal 2002-03 might be decided on August 15 after the review of all economic indicators performance.

The visiting IMF team will also be briefed on the steps so far taken for the implementation of reform agenda of the tax administration — Large Taxpayers Unit, Karachi; Medium Taxpayers Unit, Lahore; refund rules; customs administration reform; and working of recently appointed CBR consultants.

During the seven days review of Pakistani economy, the Fund will discuss in details budgetary revenue and expenditure developments in 2001-02; balance of payment, external financing, debt service; recent macro developments/prospects; monetary data issues; and privatization programme and progress to date.

The Fund will also carry out review of key public enterprises — structural reforms, financial outlook for example Railroad, PIA, Pakistan Steel and PTCL, trade policy, prospectus for exports and imports.

The mission will have a broad overview of economic and fiscal developments, impact of regional tensions on growth, trade and budget.

The other areas to be reviewed included: property issues, monitoring of I-PRSP expenditure, outcome monitoring/agreement on baselines, preparation of PRSP; external debt issues, fiscal devolution, accounting, auditing issues, fiscal responsibility law, agriculture reform and prospects for agricultural production, electricity tariff policies, Wapda corporatization and privatization of DISCOs/power generator, KESC sell-off strategy, public pension reform and financial sector/exchange system reforms.