ISLAMABAD: Sales tax collection has surged to 42.53 percent in 2015-16 from 42 percent in 2014-15 and customs duty to 13.05 percent from 11.82 percent.
The official data prepared to brief Senate Standing Committee on Finance revealed that the direct taxes and federal excise duty witnessed decline during the corresponding period. Direct taxes collection of decreased to 38.27 percent in the fiscal year 2015-16 from 39.91 percent in FY 2014-15 and federal excise duty to 6.12 percent from 6.26 percent.
As per the data, sales tax collection was Rs 1,323 billion during fiscal year 2015-16 – 42.53 percent of total revenue collection of Rs 3,112 billion while in 2014-15 sales tax collection was 1087 billion – 42 percent of total tax collection of Rs 2,589.9 billion.
Revenue collection on account direct taxes stood at Rs 1,191 billion during the last fiscal year, which is 38.27 percent of total net revenue collection of Rs 3,112 billion for the fiscal year. Direct taxes collection of Rs 1,033 billion in the fiscal year 2014-15 was 39.91 percent of the total net revenue collection of Rs 2,589.9 billion.
Customs duty collection of Rs406.2 billion was 13.05 percent of the total revenue collection of Rs 3,112 billion during the last fiscal year against Rs 306 billion, which was 13.05 percent of revenue collection of Rs 2,589.9 billion for 2014-15.
Tax collection on account of federal excise duty was Rs190 billion in 2015-16 of total revenue collection of Rs 3,112 billion, 6.12 percent as compared to Rs 162.5 billion in total revenue collection of Rs 2,589.9 billion, 6.26 percent.
According to brief for the committee, the Federal Board of Revenue (FBR) has collected Rs 3112 billion as provisional collection during fiscal year 2015-16 against Rs 2589.9 billion during fiscal year 2014-15, entailing a growth of 20.2 percent.
The data showed that the tax to GDP ratio has increased from 9.4 percent to 10.5 percent in fiscal year 2015-16 and 1.1 percent growth in tax to GDP ratio in single year reflects marked improvement over previous few years.
