Punjab Excise Dept lowers revenue collection target by Rs 2 billion

LAHORE: The Punjab government has deceased the target of revenue collection by Rs 2 billion on the request of the  Excise and Taxation Department.

According to sources, Excise and Taxation Department wrote a letter to the Punjab government to decrease its target for the fiscal year of 2014-15. The Punjab government has approved the revised target for the department from Rs 22.7 billion to 20.5 billion.

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Now Punjab Excise has its new target of 20.5 billion rupees for current fiscal year. According to Excise officials there is a huge shortfall in revenue collection in motor taxes as federal government has applied many new taxes on vehicles and the amount if these taxes has increased which is damaging the targets of Excise.

Excise and Taxation Department has recovered Rs 17 billion during first ten months of the fiscal year 2014-15. According to the new target it seems possible to achieve the targets in coming days.