ISLAMABAD: The revenue collection during the first 15 days of the current month has declined by 20.6 percent as Rs6.931 billion could be collected against Rs9.424 billion in the corresponding period last year.
As per details, under the prevailing circumstance, the Federal Board of Revenue (FBR) has to collect Rs124.607 billion in the remaining two weeks of April 2014 to meet the monthly target of Rs196.3 billion for the current month.
The FBR has provisionally collected Rs71.693 billion during first 15 days of April 2014 against Rs 70.577 billion in the same period last year, reflecting an increase of 1.6 percent. The FBR will have to achieve Rs772 billion during the last quarter (April-June) period of 2013-14 to reach the revised tax collection target of Rs2345 billion. The revenue collection target was revised downward from Rs2,475 billion to Rs2,345 billion in view of tax machinery’s inability to produce the desired results. According to reports, the revised revenue collection target for April 2014 is Rs 196.3 billion.
A look on the make-up of revenue collection in first 15 days of April 2014 revealed that the FBR has collected Rs64.762 billion under the head of domestic taxes (direct taxes, sales tax and FED) against Rs61.152 billion in the same period last year, reflecting an increase of 5.9 percent. Direct tax collection was Rs19.363 billion against Rs18.336 billion, showing an increase of 5.6 percent. Sales tax collection was Rs36.416 billion against Rs42.474 billion, showing a decrease of 14.3 percent. The federal excise duty (FED) collection was Rs8.983 billion against Rs342 million. The collection of customs duty was Rs6.931 billion during first 15 days of April 2014 against Rs9.424 billion in the same period last year, showing a decrease of 26.5 percent.
