ISLAMABAD: Federal Board of Revenue’s Rs2,266 billion tax collection during the fiscal year 2013 has raised the country’s tax-to-GDP ratio by 8.9 per cent.
As per the FBR Biannual Review, the Board collected Rs2,266 billion during the FY13 as compared to 2012’s Rs1,946 billion, showing growth of 16pc and increasing Tax GDP ratio to 8.9pc.
However, FBR has set Rs2,810 billion revenue target for fiscal year 2014-15, which needs 24pc growth and Rs544 billion will have to be collected during the period under review, the report added.
The report stated that despite encountering multiple challenges including poor law & order situation and energy shortages, the country’s economy has shown positive results, adding, “A number of deep structural problems that have persisted for decades, low tax revenues, limited export growth and grossly insufficient investment in human capital development are also to be blamed for the country’s weak financial position.”
