12.2% growth: FBR collects Rs1,157b in July-Dec 2014 against Rs1,031b of last year; Rs30b shortfall in Dec

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs1,157 billion during July to December of the current fiscal year as it collected Rs1,031 billion during the same period of last financial year, reflecting the growth of 12.2 per cent.

During the month of December 2014, the Board faced Rs30 billion revenue shortfall as it collected Rs253 billion against the target of Rs283 billion. FBR had collected Rs231 billion in December 2013.

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For next year, FBR has estimated to collect Rs40 to 50 billion with the help of increasing GST rate on POL products, which the government has increased from 17 percent to 22 percent with effect from January 1, 2015. The increased GST will help FBR collect Rs20 billion additional revenues during the remaining months of the ongoing fiscal year.

FBR needed 25 percent growth rate to achieve the target of Rs2810 billion as it had collected Rs2266 billion in last fiscal year.