ISLAMABAD: The Federal Board of Revenue (FBR) may suffer Rs100 billion shortfall in achieving the tax target set for the outgoing fiscal year.
According to a senior official, the FBR would likely be able to collect Rs3,421 billion instead of Rs3,521 billion till June 30. However, he said efforts are being made to touch Rs3,450 billion.
If compared with the initially-envisaged target of Rs3,621 billion the revenue loss would be Rs200 billion for the fiscal year, ending June 30, 2017. The government revised down the target to Rs3,521 billion.
Officials said various relief measures, taken by the government in shape of reduced petroleum prices, tax incentives on fertiliser, export package and others caused revenue loss to the tune of Rs170 billion in the first eleven months (July-May) period of 2016-17.
The tax machinery collected Rs2,860 billion in July-May. The FBR will have to collect Rs561 billion in June to meet the target. But, there have been exceptions in the past. FBR collected Rs465 billion in June 2016 and Rs381 billion in 2015. An official said the government decided to defer new valuation rates for property till the starting of the next fiscal year. “Now, we will jack up valuation rates for property for 15 to 20 major urban centres in the first ten days of July,” he added.
