KARACHI: As the current financial year is going to end by June 30, 2015, the Sindh Revenue Board has collected more than Rs 44.5 billion taxes from the services sector against the set target of Rs 49 billion, it is learnt.
“The SRB would surely achieve the target of Rs 49 billion by the end of June, 2015”, says Zafarullah Shaikh, a spokesperson for the Sindh Revenue Board.
In February 2015, the SRB had achieved highest ever collection of Rs 4.463 billion by exceeding the monthly based target of Rs 4.083 billion. This shows an increase of Rs. 0.744 billion or 20 percent as compared to the same period during the last year, he told Customs Today.
Zafarullah Shaikh said that the collection of Rs 29.9 billion during the first eight months for the period July 2014 to February, 2015 also represents an increase of over Rs 5.273 billion or 21.42 percent against the collection of Rs 24.6 billion for the same period in last year. 2.
It is important to mention here that Sindh Revenue Board has achieved this milestone despite reduction of 1 percent sales tax on services rate from 16 percent to 15 percent, allowing an input adjustment of 17 percent federal sales tax on goods, higher/increased rate of tax against input of petroleum products and just utilizing one-third of its expenditure budget, he added.
The SRB is gradually increasing revenue targets since its inception and has emerged as the largest tax collection authority of the province. It has a target of enhancing its tax receipts amounting Rs.100 billion by the end of FY 2017.
Since its inception, the SRB collected Rs 18.28 billion in fiscal year 2010-11, Rs 25.01 billion in fiscal year 2011-12, Rs 33.65 billion during fiscal year 2012-13 and Rs 42.48 billion in fiscal year 2013-14, Shaikh concluded as saying.
