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FBR to collect Rs160b in one week

FBR to collect Rs160b in one week

ISLAMABAD: Federal Board of Revenue has collected net taxes of Rs 2,217 billion until June 23. Rs 101 billion refunds and rebates are included in the sum. This takes the net revenue figures reach a total of Rs 2,116 billion. FBR has yet to collect Rs 159 billion in remaining one week of the current fiscal year ending on June 30, 2014.

Details received by Customs Today reveal that FBR has collected gross taxes of Rs 165 billion in the month of June so far.

Despite better recovery of taxes against previous fiscal year and 15.5 per cent increase over previous year’s revenue collection altogether, it is seemingly an impossible task for the revenue body to get to its target.

On the other hand if the sum owed by FBR in the form of refunds and rebates are not excluded from the revenue collection figures FBR is quite certainly going to collect the remaining amount of Rs 58 billion or even surpass its twice revised and reduced revenue collection target of Rs 2,275 billion.

FBR Chairman Tariq Bajwa has visited Peshawar, Multan and Karachi this week. During the visits the chairman has stressed the officers concerned to collect the revenue in full or otherwise get ready for transfers and discontinuation of special allowances and various facilities in the aftermath of shortfall.

The contribution of customs duty to the national exchequer has declined by about 1.9 per cent as Rs 231 billion have been collected so far against Rs 235 billion collected during the corresponding period of the previous fiscal year. There has been a decline of over Rs 4 billion in customs duty collection.

In share of Domestic Taxes which include direct taxes (income tax), sales tax (on imports and domestic) and federal excise duty (on imports and domestic), FBR has collected gross taxes of Rs 1,985 billion against gross collection of domestic taxes of Rs 1682 billion in the corresponding period of previous fiscal year.

Interestingly, in share of domestic taxes’ collection, FBR has showed around 18 per cent growth over the previous fiscal year’s collection.

FBR has so far collected gross income tax around Rs 866 billion against Rs 732 billion in previous fiscal year; gross sales tax Rs 988 billion against Rs 834 billion; and gross federal excise duty Rs 131 billion against Rs 115 billion in the previous fiscal year.