Revenue target fixed at Rs 580 billion
The government has fixed Rs 580 billion revenue target for financial year 2004-05, which is Rs 70 billion higher as compared to the target of Rs 510 billion for 2003-04.
Copyright Business Recorder, 2004
Direct taxes receipts have been projected to Rs 181 billion, higher by Rs 50 billion than the original target of Rs 161 billion for the current year.
The share of indirect taxes has been projected at Rs 398 billion which shows Rs 50 billion rise from Rs 348 billion.
The government has estimated collection target of Rs 174 billion from income tax during 2004-05 against Rs 154 billion of 2003-04. The tax managers have been given the task of generating Rs 20 billion more during 2004-05.
According to the break-up, custom duty estimate is projected as Rs 103 billion, compared to Rs 86 billion amounted for 2003-04. Sales tax target has been enhanced to Rs 249 billion from Rs 218 billion as per revised estimates of 2003-04. This indicates that the sales tax wing has to collect Rs 31 billion more next year.
The share of the central excise duty (CED) has been fixed at Rs 45 billion against original target of Rs 47 billion for 2003-04.
Out of total direct taxes target of Rs 181 billion, the target of capital value tax (CVT) has been projected at Rs 650 million against last year's estimates of Rs 600 million.
The estimate of workers' welfare tax (WWT) has been projected at Rs 6,888 million against last year's Rs 6,262 million.
Tax revenue estimates other than CBR show that the target of Workers' Profit Participation Fund (WPPF) has been fixed at Rs 4000 million as compared to Rs 3000 million.
The target of petroleum development levy has been fixed at Rs 47506 million against target of Rs 46400 million of outgoing year.
The share of foreign travel tax has been projected at Rs 4216 million as compared to last Rs 2088 million.
The target of gas development surcharge is projected at Rs 15023 million against last year's Rs 14226 million.
The share of arrears (surcharge) has been fixed at Rs 2777 million against Rs 3774 of last year.
The share of airport tax has been projected at Rs 1284 million against previous year's projection of Rs 620 million.
In the 2003-04 budget the government had announced Rs 510 billion as target for the federal tax authorities, but this target has not been revised downward.