ISLAMABAD: Provisional revenue collection figures compiled by the Federal Board of Revenue in the tenth month of the current fiscal year i.e. the month of April 2014 have come out to be around Rs 167 billion against the target of Rs 196.4 billion.
The shortfall for the month of April 2014 stands at over Rs 29 billion. By now, FBR’s net collection stands at Rs 1,743 billion in the period from July 2013 to April 2014.This leaves FBR with a task of collecting around Rs 603 billion in two months, May and June.
April’s revenue collection this year reflects a growth of around 9.5 per cent against collection of Rs 152.5 billion in April 2013. The provisional revenue collection in the period from July 2013 to April 2014 shows a growth of around 15.5 per cent against collection of Rs 1509 billion in the corresponding period of previous fiscal year.
The downward revision of tax collection target of Rs 2,345 billion is now in doldrums at a time when Pakistan and the International Monetary Fund authorities were holding the third review talks in Dubai. Pakistan’s top economic team is currently in Dubai as part of the third IMF review under the Extended Fund Facility for $ 6.64 billion.
The government would have to struggle to maintain budget deficit at 5.8 per cent of the GDP as committed with IMF. In addition to this FBR withholds an amount of Rs 97 billion in refunds of the taxpayers.
