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Provisional figures: July-November tax collection stands at Rs 806 billion

The Federal Board of Revenue has provisionally collected Rs 806 billion during July-November (2013-14) against the target of Rs 841 billion, reflecting a shortfall of Rs 35 billion. Sources told Business Recorder on Saturday that the provisional collection has crossed Rs 806 billion during first five months of 2013-14 against Rs 686 billion during the corresponding period of last fiscal, showing an increase of Rs 120 billion.

A comparison of tax collection during July-November (2013-14) when compared with the corresponding period of 2012-13, reflects growth of 21 percent. The net revenue collection during November 2013 stood at Rs 169.333 billion against target of Rs 167 billion, reflecting a growth of Rs 2.333 billion. The monthly target of revenue collection has been achieved by the FBR. The provisional collection in November 2013 was Rs 169.333 billion against Rs 139.708 billion during the same period of previous fiscal, reflecting a growth of 21 percent.

Break-up of gross revenue collection in November 2013 revealed that the income tax collection stood at Rs 57.326 billion, sales tax Rs 84.789 billion, FED Rs 13.142 billion and customs duty Rs 18.842 billion. Total gross revenue collection stood at Rs 174.099 billion during the period. After payment of refund to the tune of Rs 4.766 billion, the net total collection amounted to Rs 169.333 billion in November 2013.

The revenue collection would improve on compilation of final figures in coming days. The date for filing of income tax returns has been further extended to December 15, 2013 and amount to be deposited with returns till November 2013 would now come in December 2013. So far the FBR has received as many as 154,756 income tax returns through electronic system. It is expected that the amount to be deposited along with the returns by the extended date of December 15 would further increase revenue collection, sources said.

Officials said that the FBR would be able to maintain 21 percent growth in revenue collection in 2013-14 when compared with previous fiscal during the remaining period of 2013-14.

Sources were of the view that the FBR has to improve its enforcement actions and monitoring activities to improve revenue collection in second quarter (October-December) 2013-14 to chase the ambitious revenue collection target of Rs 2,475 billion by the end of current fiscal year. Besides other measures, the recent selection of cases for audit has to be pursued for early completion of audit.

Copyright Business Recorder, 2013



 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln