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FBR exceeds revenue target by Rs 1 billion in July

FBR exceeds revenue target by Rs 1 billion in July

ISLAMABAD: The committed work of field formation officers under new acting Chairman helped the Federal Board of Revenue (FBR) in exceeding the revenue collection target in July 2014 by one billion rupees as it collected Rs 138 billion during the month of July against Rs 137 billion target.
Acting Chairman of FBR Shahid Hussain Asad while talking to Customs Today said that target for the previous month was Rs 137 billion but FBR has surpassed the target by one billion rupees by collecting Rs 138 billon in July 2014.
Sources informed that revenue collection could further enhance if country did not observe long Eid holidays that stopped the economic activities.
“The FBR has faced revenue loss of Rs 42 billion during six holidays of Eid-ul-Fitr” source said. He confirmed that FBR has collected about seven billion rupees every day, therefore, six holidays cost Rs 42 billion in terms of tax collection.
Sources in FBR told Customs Today that this revenue shortfall during Eid holidays could hit the government’s efforts to achieve tax collection target of Rs 2.81 trillion.
The FBR had set its target at Rs 2475 billion last fiscal year, which was revised twice to Rs 2345 billion and again to Rs 2275 billion. However, the FBR even after that failed to achieve revenue target by the end of June 2014 and collected Rs 2266 billion.
The annual revenue collection of Rs 2.810 trillion is very critical and challenging for Federal Board of Revenue as it already missed target of last fiscal year.
However, it is very encouraging and optimistic step that despite the Eid holidays in last week of July cost revenue collection Rs 42 billion, FBR managed to collect more than its target. If the lost amount was also added into total collection, it would be easier for FBR to achieve its yearly target.
FBR acting Chairman has been working hard to achieve revenue target since his appointment and even in Eid holidays he gave due time to