ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs.1196 billon of revenue in first five and half months (till December 15) of current financial year while Rs 1180 billion were collect during same period of last fiscal year 2015-16.
Sources told Customs Today that that FBR has collected Rs.452 billion in the head of income tax, as compare to last year in same period collection was Rs.436 billion.
In the head of sales tax, Federal Board of Revenue has collected Rs.526 billion while Rs.551 billion were collected during the same period of FY 2016-17. FBR has collected Rs.75 billion in head of federal excise duty (FED) as compare to Rs.71billion last year. Sources said that FBR collects Rs.188 billion during the above said period while FBR collected Rs.159 billion collected in the same period last year.
According to these facts and figures, there is only one percent growth in total tax revenues of FBR. In terms of percentage there is only 4 % increase in income tax revenue, sales tax revenue figures showing –minus 5 percent growth and increase in federal excise duty revenue is only 5 %. There is only satisfactory growth in Customs duty revenue collections which is almost 19 %. Now it is a big question mark, how FBR will get their revenue targets. FBR needs at least 17% growth in total tax revenues to meet the current financial year revenue target of Rs.3621 billion.
