ISLAMABAD: The Federal Board of Revenue (FBR) provisionally collected Rs 156 billion in 29 days of July (the first month of new fiscal year 2016-17), which is Rs7 billion or 4.7% higher than the collection made in the same month of previous fiscal year.
The tax collection drive remained slow in the first month of new fiscal year as the revenue authority reportedly took Rs230 billion advances in June to meet the Rs3.104 trillion target of previous fiscal year. The companies gave advances to get some of the amount adjusted against July payments.
The Rs156-billion collection is 4.3% of the annual tax collection target of Rs3.621 trillion for fiscal year 2016-17, while the revenue authority needs a 16.4% growth to achieve the new fiscal year’s target. Thus the FBR should have collected at least Rs174 billion in the corresponding period.
