ISLAMABAD: The FBR is facing revenue shortfall of Rs63 billion during first quarter (July-Sept) period of the current fiscal year as the tax collection stood at Rs584 billion against desired target of Rs647 billion. It seems that the FBR will be facing uphill task for achieving revenue collection target of Rs 3104 billion for the current fiscal year.
The government argues that the revenue collection went up by 30 percent over the last two years as the collection touched Rs2590 billion during the last fiscal year.
However, according to provisional revenue collection figures, FBR has provisionally collected Rs584 billion during first quarter of July-September (2015-16) against target of Rs647 billion, reflecting a shortfall of Rs 63 billion. The provisional revenue collection during first quarter of July-September (2015-16) stood at Rs 584 billion against Rs 541 billion in the corresponding period of 2014-15, reflecting a growth of 8 percent.
The FBR has provisionally collected Rs 253 billion for September 2015 against Rs 228 last year, showing a growth of 11 percent.
The breakup of tax-wise targets for first quarter of July-September (2015-16), target of direct taxes is Rs 245 billion, sales tax Rs 295 billion, FED Rs 38 billion and target for customs duty has been set at Rs 68 billion.