MULTAN: The Regional Tax Office Multan has collected overall revenue of Rs 69.122 billion throughout the fiscal year 2014-15.
The Federal Board of Revenue (FBR) had assigned the collection target of Rs 76.886 billion to the Regional Tax Office Multan for the fiscal year 2014-15. The assigned target included income tax, sales tax and federal excise duty.
The Regional Tax Office Multan was assigned the collection task of the income tax worth Rs 32.48 billion for the fiscal year 2014-15 .While the Regional Tax Office Multan has collected Rs 31.354 billion income tax at the end of fiscal year 2014-15. During the fiscal year 2013-14, Regional Tax Office Multan had collected Rs 25.136 billion of income taxes. The Regional Tax Office Multan has achieved almost 97% revenue target of income tax in the fiscal year 2014-15.
The Federal Board of Revenue has assigned the target of Rs 43.37 billion sales tax during the period of fiscal year 2014-15. While the Region Tax Office Multan has collected Rs 36.4 billion against assigned target of Rs 43.37 billion from the sales tax in the fiscal year 2014-15. Major portion of the collected sales tax Rs 28.228 billion has been collected by the Regional Tax Office Multan from import of various items including high speed diesel, machinery, RBD Palm oil etc.
The volume of collected sales tax from domestic sector comes to be Rs 7.812 billion in the fiscal year 2014-15.The Regional Tax Office Multan failed to achieve the target of sales tax during economic year 2014-15. Almost 84 % of the set target of sales tax has been achieved in the course of the fiscal year 2014-15.
As compared to fiscal year 2013-14, RTO Multan had collected sales tax of Rs 33.794 billion there is clear growth observed in the comparison of sales tax collection.
The Federal Board of Revenue has assigned a collection target of federal excise duty of Rs1.036 billion for the fiscal year 2014-15.The Regional Tax Office Multan has collected revenue of federal excise duty of Rs 1.73 billion at the end of fiscal year 2014-15. The Regional Tax Office has surpassed the collection target of federal excise duty during the economic year 2014-15. Almost 133 % target of the federal excise duty has been achieved in the fiscal year 2014-15.
The Regional Tax Office Multan has successfully achieved the set target of Rs 9.86 billion for the month of June during the fiscal year 2014-15. The net collection of Rs 10.38 billion revenues during the month of June throughout the fiscal year 2014-15. About 105% collection target was attained in the month of June during fiscal year 2014-15.
The Regional Tax Office Multan has collected overall taxes of Rs 69.12 billion against the target of Rs 76.88 billion at the end of economic year 2014-15. The Regional Tax Office Multan has failed to reach the set target of Federal Board of Revenue during the monetary year 2014-15.
Almost Rs 7.76 billion tax gap has been observed than the assigned target of fiscal year 2014-15. The Regional Tax Office Multan has collected almost 90% tax target during the fiscal year 2014-15.
The Regional Tax Office Multan has failed to attain the tax collection target during the economic year 2014-15 due to decrease in the prices of petroleum products in the international markets. The decreasing price of petroleum products affects the overall revenue generation targets of the Regional Tax office Multan. The revenue collection at the Regional Tax office has been almost 15 % increased as compared to fiscal year 2014-15.
The Regional Tax Office Multan has collected the Rs 60.37 billion in the fiscal year 2013-14. According to officials of Regional Tax office Multan has recovered well in the collection of taxes as it was facing the short fall of more than sales tax Rs 10 billion. But after the increase in the sales taxes in the petroleum products for the collection of taxes was enhanced and due to effective strategies adopted by RTO Multan the deficit in tax collection was reduced.
