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Hard target: Rs1.25b to be recovered in one month in Gujranwala region

Hard target: Rs1.25b to be recovered in one month in Gujranwala region

SIALKOT: Federal Board of Revenue has recovered as many as Rs 8.9 billion as taxes out of its total recovery target of Rs 10.15 billion during the current fiscal year in Gujranwala region. Recovery of Rs 1.25 billion is still to be made during the month June 2014 As many as 13 special recovery teams were striving under the FBR’s special taxes recovery plan.

According to senior FBR officials in Gujranwala, FBR had to recover Rs 5.83 billion in share of income tax, Rs 4.28 billion in share of sales tax, Rs 35 million in share of federal excise duty.

Out of aforementioned amounts FBR had recovered around Rs 5 billion as income tax, around Rs 3.90 billion as sales tax. Arrears were still to be recovered, as the FBR was also recovering millions of rupees from the different defaulter governmental departments including Gujranwala Electric Power Company (Gepco).

Interestingly, FBR has issued the recovery notice to as many as 100 government departments and private industrial factories in Gujranwala region alone for this purpose, asking them to ensure the early deposit of their outstanding dues. Otherwise, they should get ready to face strict action under the FBR Rules. Warning includes that their bank accounts could also be frozen if they did not deposit their dues.