ISLAMABAD: The Federal Board of Revenue needs to collect Rs674.11 billion during the last quarter (April-June) of the current fiscal year to achieve the revised revenue collection target of Rs2,345 billion.
As per details, the FBR has provisionally collected Rs1,670.89 billion during July-April 22 against Rs1,449.79 billion in the corresponding period last year, recording 15.3 percent increase.
In April, the board provisionally collected Rs 96.195 billion in the first 22 days against Rs97.505 billion in April 2013, showing a decrease of 1.3 percent. Break-up of revenue collection figures revealed that direct taxes collection stood at Rs626.452 billion from July to April 22 against Rs531.990 billion in the same period last year, reflecting a 17.8 percent increase.
Sales tax collection stood at Rs765.575 billion against Rs645.784 billion, showing an increase of 18.5 percent. The collection of the federal excise duty (FED) was Rs99.421 billion against Rs 88.987 billion, depicting a growth of 11.7 percent. The collection of customs duty stood at Rs179.445 billion during July-April 22 against Rs183.029 billion in the same period last fiscal year, reflecting a decrease of 2 percent. Except customs duty, all other federal taxes showed a better performance in July-April 2013-14 as compared to the previous fiscal year.
The FBR has to collect Rs100.015 billion in the remaining days of April 2014 to meet the monthly target of Rs196.3 billion for the current month. The revenue collection target was revised downward from Rs2,475 billion to Rs 2,345 billion in view of tax machinery’s inability to produce the desired results.
