PESHAWAR: The Federal Board of Revenue (FBR) has directed its wings to generate 16 percent more revenue than the target achieved during previous year.
The sources informed Customs Today on Tuesday at Inland Revenue Service of FBR in Peshawar that revenue target for FY2016-17 has been fixed at Rs3621billion.
The required growth of around 16% with net collections of Rs3115billion will be required to exceed from the revenue of Rs3115.1billion in year FY2015-16 which was collected by the FBR.
The sources further said that in absolute terms, around Rs506billion additional net revenue will be generated in 2016-17 to exceed the collection of duties from previous year.
The duties, which will be collected through direct taxes in year FY2016-17, will exceed Rs1418.0 1billion with required growth of 19 percent to cross the figure of collections in year FY2015-16 which was Rs194.6billion.
The amounted collected through Sales Tax in year FY 2016-17 will become Rs1514.0 1billion, with 14.4 percent of required growth rate to cross the figure achieved in year FY2015-16 which was Rs323.7billion.
The amount of Rs212.0billion in shape of F.E.D will be generated for year FY2016-17 with 11.2 percent required growth rate to exceed Rs190.6billion target achieved in the year FY2015-16 by the Customs Wing of the FBR.
The FBR has put a target Rs 477.0billion to collect taxes in form of customs duties on goods with 17.5 percent required growth rate to exceed the target achieved during the year FY2015-16 which was Rs406.2billions.
The sources added that the Chairman FBR has said to bring 16.4 percent net increase in the revenue collections for year FY2016-17 which becomes a total of Rs3621.0billion to exceed the target achieved in the year FY2015-16 which was Rs 3115.1billion.
