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FBR collects Rs806b in July-Nov, misses target

FBR collects Rs806b in July-Nov, misses target

ISLAMABAD: Federal Board of Revenue has collected Rs806 billion during the period between July to November 2013-14 against the target of Rs 841 billion, showing a shortfall of Rs35 billion.

According to sources, FBR has collected Rs120 billion more revenue as its provisional collection has crossed Rs806 billion during first five months of the current tax year against Rs686 billion during the corresponding period of last fiscal year, reflecting growth of 21 per cent.

FBR requires a growth of almost 28 per cent in the current fiscal year in order to achieve the desired tax collection target of Rs2,475 billion against a collection of just Rs1,936 billion in the last financial year.

Federal Board of Revenue achieved the monthly target in November 2013 and collected Rs169.333 billion against target of Rs167 billion with a growth of Rs2.333 billion. The provisional collection in November 2013 was Rs169.333 billion against Rs139.708 billion during the same period of previous fiscal, reflecting a growth of 21 per cent.

Tax wise detail shows that income tax collection stood at Rs57.326 billion, Sales Tax Rs84.789 billion, Federal Excise Duty Rs13.142 billion and Customs Duty Rs18.842 billion. Total gross revenue collection stood at Rs174.099 billion during this period. After payment of refund to the tune of Rs4.766 billion.

So far, FBR has received as many as 154,756 income tax returns through electronic system. This amount would be further improved by the extension in date of filing of tax returns.

Meanwhile, FBR Spokesman Shahid Hussain Asad claimed that as many as 22,000 companies would deposit tax returns annually.

He said that after the announcement of Prime Minister’s package, thousands of new taxpayers would come into the tax net and the finance minister would issue four SROs for the implementation of this package during the current week.

Shahid also claimed that FBR would not only achieve the six monthly revenue target of Rs1,090 billion by December 31 but also cross tax recoveries of Rs1,100 billion.