ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 156 billion revenue till June 15, 2016 against the revenue collection target of Rs 448 billion. Last year in the same period of 15 days, the FBR collected Rs 130 billion. The FBR authorities are optimistic that they would achieve the annual target of Rs 3,103.7 billion set for 2015-16.
FBR sources told Customs Today that target for June 2016 has been fixed at Rs 448 billion as compared to the target of Rs 305 billion for May 2016. The FBR has collected Rs 298 billion. According to sources, the FBR collect Rs 66 billion in just one single day of June 15.
Now till the end of June 16, the FBR has collected more than Rs 2,800 billion revenue and it still needs almost Rs 300 billion to meet his annual target in 15 days .
It is pertinent to mention here that FBR was provisionally collected Rs 298 billion in May 2016 against Rs 233 billion in the same period of last fiscal year, reflecting a growth of around 26 percent. During the period of July-May (2015-16), the provisional collection amounted to Rs 2,645 billion.
The gross collection amounted to Rs2698 billion during this period and after payment of refunds of Rs 53 billion, the net collection stood at Rs2645 billion during July-May (2015-16).
Breakup of gross revenue collection revealed that the direct taxes collection stood at Rs1005 billion, sales tax Rs 1186 billion, federal excise duty (FED) Rs158 billion and collection of customs duty was Rs 348 billion during the period under review (July-May) 2015-16.
The FBR will be in a position to successfully meet the annual target of Rs3103.7 billion for 2015-16 against the downward revised target of Rs 2605 billion in 2014-15, sources said. The revenue target for 2015-16 was fixed at Rs 3103.7 billion. The required growth was around 20 percent over the actual collection of Rs 2590 billion during 2014-15. In absolute terms, around Rs 514 billion additional revenues was required to be collected in 2015-16.
