ISLAMABAD, Aug 28: The government is considering a CBR proposal to revise downward the annual revenue target of Rs510 billion to around Rs495 billion for the financial year 2003-04.

Officials told Dawn on Thursday the issue would be discussed at length with the visiting IMF review mission here on Friday. The IMF mission led by its executive director Milan Zavadjil would be briefed by senior tax officials on tax-wise targets set for the current financial year.

The Fund official would also be briefed on the proposed strategy for achieving the tax targets under direct and indirect taxes set for the period under review.

The IMF mission is reviewing Pakistan’s economic performance of major economic indicators as a part of the fifth review of the Poverty Reduction and Growth Facility (PRGF).

According to the officials, the government had announced relief measures of about Rs16 billion in the budget 2003-04 due to which they believed the budgetary tax target could not be achieved. On the other hand, they said that no tax measure were taken during the last budget.

The Fund mission would also be briefed on tax-wise performance during the last quarter of financial year 2002-03 and the first quarter of the current financial year.