KARACHI: The Federal Board of Revenue (FBR) has failed to fulfill its target of tax recoveries during the previous months of this fiscal year and the shortfall is increasing every month.
The FBR officials told Customs Today that the department recovered Rs 952 billion during the previous months while in the same period the department during fiscal year 2105-16 the department recovered Rs 898 billion. According to this the percentage of tax recoveries has increased six percent while required percentage is 17 percent.
The FBR set the target of tax recoveries at Rs 900 billion during the second quarter of the fiscal year while the target of the same period last year was Rs 785 billion. During the previous second quarter of economic year the department collected Rs233 billion while during the first 15 days of November FBR collected only Rs94 billion. The target of the month of November was set Rs175 billion while in the previous FY FBR collected Rs230 billion.
In present situation the sales tax increases zero percent, income tax increases 4 percent while cuetoms and excise duty tax increases by 19 percent. FBR needs to Rs1050 billion to fulfill its second quarter target.
