ISLAMABAD: The government has increased revenue collection target for Federal Board of Revenue by 14 per cent to Rs4,013 billion for fiscal year 2017-18.
The collection target for direct taxes has been increased by 15.67 percent to Rs1,594.91 billion in 2017-18 as against expected collection of Rs1,378.84 billion in the outgoing fiscal year.
The collection target for income tax has been set at Rs1,577.557 billion in 2017-18 as compared with expected collection of Rs1,363.837 billion in 2016/2017, around 15.67 percent growth. The collection target in other component under direct tax i.e. Worker Welfare Fund (WWF) and Capital Value Tax (CVT) has been increased to Rs14.62 billion and Rs2.73 billion, respectively.
The target for collection under indirect taxes has been increased by 12.88 percent to Rs2,418.09 billion for fiscal year 2017-18 as against expected collection of Rs2,142.16 in the outgoing fiscal year.
The target for customs duty has been projected at Rs581.37 billion in the next fiscal year as against expected collection of Rs491.054 billion in the current fiscal year.
The target for sales tax collection has been increased by 11.08 percent to Rs1,605.2 billion in the next fiscal year as compared with Rs1,444.96 billion in the outgoing fiscal year.
The collection of Federal Excise Duty (FED) has been estimated at Rs231.52 billion in the fiscal year 2017-18 as against projected collection of Rs206.14 billion in the outgoing fiscal year.
