ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs 210 billion, surpassing Rs 207 billion target set for the month of August 2016.
The country’s top revenue authority collected Rs 156 billion in July 2016 against Rs 149 billion in same period last fiscal, showing a growth of 4.7 percent. The total collection for the first couple of months (July and August) of the current fiscal year remained Rs366 billion.
The government had set a revenue collection target of Rs3621 billion for the ongoing fiscal year 2016-17. The required growth is around 16 per cent over the actual collection of Rs 3115 billion during FY 2015-16. In absolute terms, around Rs 506 billion additional revenue will be collected in 2016-17.
The tax-wise details for 2016-17 revealed that direct taxes target has been fixed at Rs 1,418 billion; sales tax Rs 1,514 billion; Federal Excise Duty (FED) Rs 212 billion and target of customs duty has been set at Rs 477 billion for 2016-17. For achievement of revenue collection target for 2016-17, the required growth in direct taxes is 19 percent; sales tax 14.4 percent; FED 11.2 percent and required growth in customs duty is 17.5 percent during 2016-17.
The FBR collected Rs 3,115 billion during 2015-16 against Rs 2,590 billion in 2014-15, reflecting a growth of 20.3 per cent. The revenue target for 2015-16 of Rs 3,104 billion was achieved to the extent of 100.4 per cent.
The revenue collection has crossed Rs 3 trillion mark for the first time in the history of the country. An additional amount of Rs 525 billion was collected over the collection of Rs 2,590 realised in 2014-15, which is highest ever increase in a single year.
FBR Chairman Nisar Khan, in meeting of Senate Standing Committee on Finance, had expressed hope to achieve the annual tax collection target of Rs3621 billion by the end of June next year.
Prime Minister Nawaz Sharif had given the cheques to the exporters in late June 2016 for settling about 6,332 tax refund cases amounting to Rs21.44 billion. The tax-to-GDP ratio jumped from 9.4 percent in 2014-15 to 10.5 percent in 2015-16 due to the improved revenue collection.
