ISLAMABAD: The Federal Board of Revenue (FBR) is facing Rs283 billion to achieve revenue collection target of Rs1,757 billion for the July-December period.
The officials said the FBR collected Rs1,474 billion till Wednesday and the revenue body is required to meet the half-year target in the remaining six working days. Officials said FBR maintained a growth of around 20 percent in revenue in the first half over the same period a year earlier. The half year target is 43 percent of the full-year revenue target of Rs4,013 billion.
FBR expects substantial amount to be received on account of advance tax from corporate entities and association of persons due in the last week of the current month.
Officials said another bulk inflow is expected from banking sector, which will pay their full-year liability by December 31.
December’s tax revenue target was set at Rs455 billion, up 19 percent from Rs383 billion in the same month of the last year. “FBR is facing difficulties in revenue collection due to weekly holidays falling on the last two days of the year,” an official said.
FBR collected Rs1,302 billion during the first five months of the current fiscal year as compared to Rs1,089 billion in the same period of the last fiscal year, depicting a 19.55 percent growth.
