MULTAN: The Regional Tax Office (RTO) is facing a shortfall of Rs 8 billion in tax collections during the first eight months of the current fiscal year 2014-15.
As per the details, the Multan RTO has collected Rs 20.93 billion as sales tax during first eight months of FY 2014-15, while the Federal Board of Revenue (FBR) had assigned a target of Rs 28.98 million sales. Moreover, the RTO collected Rs 18.59 billion as income tax, while the target was almost Rs 18.41 billion.
The RTO generated federal excise duty to the tune of Rs 950 million against the target of Rs 510 million.
However, it failed to achieve the assigned target of Rs 5.65 billion for the month of February due to slow and poor tax collection in the present fiscal year.
The FBR assigned a target of Rs 47.90 billion for the first eight months to the Multan RTO, but it failed to achieve the target and only collected Rs 40 billion. The tax collection shortfall has now reached Rs 8 billion.
Multan Regional Tax Office Commissioner Hafiz Muhammad Jamil Owaisi said that the shortfall in tax collection was due to decreasing price of petroleum products in the country, and the revenue from collection of taxes from high speed diesel had reduced by around 25 percent.
