LAHORE: The Punjab Excise and Taxation Department has recovered Rs 12.4 billion taxes in seven months of the fiscal year of 2014-15.
According to accounts department, the revenue has reached Rs 12.4 billion up to 31 January 2015. During first seven months of the fiscal year excise has collected 54 percent of the target which is 10 percent more than corresponding period of fiscal year 2013-14. During the fiscal year 2013-14 Excise collected Rs 11.25 billion up to 31 January.
As per details excise has received Rs 40.23 million under the head of entertainment duty which is 50 percent of the target in first seven months of the year.
Collection of Farm house taxes is Rs 0.297 million in first seven months of the fiscal year of 2014-15. Collection of farm house taxes fall 92 percent as compared to the same period of the fiscal year of 2013-14. Tax collected on luxury houses is also less than the target. Basic reason behind the low recoveries of luxury tax is a stay order as many people moved to the Lahore High Court against luxury tax and got stay order.
Excise is also receiving professional tax and collected Rs 370 million under the head of professional tax which is 47 percent of the target of Rs 783 million for the fiscal year of 2014-15. The department recovered Rs 369 million during the same period of fiscal year 2013-14.
SBP calls for better insurance, warehousing to boost farm lending
LAHORE: Inadequate insurance coverage, lack of accredited warehouses and limited access to finance are the three major constraints hindering lending...
