ISLAMABAD In order to finalise the revenue target for the coming fiscal year, the Revenue Advisory Council (RAC) of the government will meet in the coming week and would consider several targets to set the tax collection target for 2010-11, sources informed TheNation on Thursday. According to the sources, RAC is likely to meet on coming Tuesday. The meeting will consider three targets including Rs 1,665 billion, Rs 1,670 billion and Rs 1,711 billion for the upcoming financial year. The sources further said that the meeting is expected to fix the target based on ground realities as the economy is facing a slowdown situation. According to the sources, if the government wants to enhance the tax to GDP ratio up to 10.3 percent in 2010-11 from the existing around 9 percent as per commitment with the International Monetary Fund (IMF) to raise the tax to GDP ratio up to 15 percent in next five years, the RAC would have to set the revenue target at around Rs 1,711 billion. It is pertinent to mention here that the Ministry of Finance has also indicated tax collection target at Rs 1,711 billion in its Budget Strategy Paper-1 (available with TheNation) for the budget 2010-11. The sources further informed that the RAC would set the tax target for the next financial year 2010-11 keeping in view the current pace of revenue collection during 2009-2010. The meeting would review the current position of revenue collection during July-March 2009-2010. It is worth mentioning here that FBR is facing problems in order to achieve the revenue target of Rs 1,380 billion set for the ongoing fiscal year as in the first ten months (July-April) of 2009-10, the tax bosses had collected Rs 1025 billion against the target of Rs 1060 billion thus showing a shortfall of Rs 35 billion. Besides fixing the next tax target, the RAC will also devise a strategy how to achieve the target in the current financial year, as the FBR has to collect Rs 355 billion in next two months (May-June) to achieve the annual target. The meeting would also review the FBRs preparations for implementation of the Value Added Tax (VAT) from July 1, 2010 the sources added.