KARACHI: The Federal Board of Revenue (FBR) has estimated to collect Rs 654 billion tax revenue during the first quarter to achieve Rs 3,621 billion target.
The estimated figure is 18 percent of the total revenue targeted for the current fiscal year. The FBR, in the first two months of new fiscal year, collected Rs368 billion and now need another Rs286 billion in September to meet the first quarter target.
The revenue authority has asked the corporate entities to file their income tax returns till September 30 along with the income tax payments. The FBR also seeks to collect a significant amount on account of withholding taxes on cash withdrawal and non-cash banking transactions by end of the ongoing quarter.
The revenue collection target has been divided into four quarters and the target of first quarter has been set at 18 percent, which would be increased to 23 percent, 26 percent and 33 percent in second, third and final quarters, respectively.
