ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs212 billion in May 2014 against Rs176 billion in the corresponding period last year, reflecting a growth of over 20 percent.
As per details, the FBR has provisionally collected Rs212 billion in May 2014 against the monthly target of Rs219 billion, reflecting a shortfall of Rs7 billion. It is to be noted that the the tax authorities are expecting to collect Rs2,270 billion to Rs2,275 billion by the end of current fiscal year.
The FBR is facing serious difficulties in meeting its revenue collection target during the last quarter (April-June) of 2013-14. The FBR had collected Rs1,575 billion as provisional collection during the first nine months of 2013-14, showing a growth of 16.4 percent over the corresponding period of last year. The tax collection during July-April 2013-14 was Rs1,743 billion while it was Rs1,509 billion in 2013 for the same period.
The tax collection target was fixed at Rs 2,475 billion for 2013-14 at the time of budget. The FBR’s annual revenue target for 2013-14 was downward revised to Rs2,345 billion which requires a growth of 20.5 percent over the actual tax receipts of Rs1,946.4 billion during 2012-13. The target was further slashed to Rs2,275 billion for the corresponding period.
