Tax collection crossed Rs 1,329 billion mark on June 6

The revenue collection of the Federal Board of Revenue (FBR) during July 2010-June 6, 2011 making Herculean efforts crossed the figure of Rs 1329.38 billion, which was one year's tax collection of July-June last fiscal year 2009-10. Sources told Business Recorder here on Saturday that the revenue collection during the first week of June 2011 showed that the tax machinery has crossed the mark of Rs 1329.38 billion ie one year collection of 2009-2010.
The amazing current performance of the FBR shows that the one year revenue collection of 2009-2010 has been crossed during the first week of June 2011 by surpassing the figure of Rs 1329.38 billion during July-June 6, 2011. The FBR has provisionally collected over Rs 24 billion in the first week of June 2011. The pace of revenue collection in June 2011 clearly reflects that the Board is going all out to meet the revised target of Rs 1588 billion.
The Board provisionally collected Rs 1310.39 billion during July-May (2010-2011) against target of Rs 1302.600 billion, reflecting achievement of 100.6 percent target during this period. According to the revenue collection figures, the revenue collection target for July-May was fixed at Rs 1302.600 billion.
The FBR has provisionally collected Rs 1310.39 billion during July-May (2010-2011) against Rs 1136.8 billion collected during the corresponding period of the last year, reflecting an increase of 15.3 percent. The FBR collected Rs 160.55 billion during the month of May 2011 as compared to Rs 110.26 billion collected in May 2010, registering 45.6 percent growth and surpassing the target of Rs 152.8 billion set for the month. Aggregate collection up to May 31, 2011 thus works out to Rs 1310.39 billion as against Rs 1136.8 billion collected during the corresponding period of the last year.
Chairman of Federal Board of Revenue (FBR) Salman Siddique has reportedly shown earnest commitment that the tax machinery would at all costs ensure compliance by 2.3 million undocumented persons for achieving the assigned revenue collection target of Rs 1,952 billion for 2011-2012. The FBR has aimed at collecting Rs 50 billion through improved administration, and recovery of due taxes from identified 2.3 million potential non-filers is part of this head. The Board will also launch centralised audit of all taxes from July 1, 2011 in order to ensure the achievement of desired tax collection target of Rs 1,952 billion envisaged for the next fiscal year.
Following is the text of the press release issued here on Saturday: FBR has surpassed last year's revenue collections of Rs 1327.38 billion in the first week of June, 2011. A comparison shows that in fiscal year 2009-10, total collection of Rs 1327.38 billion was made by the close of that year. However, the collection Rs 1336.77 up to the first week of June for FY 2010-11 shows a marked increase over the previous year's total revenue collections. Current FY still has 21 days to go, expecting a substantial increase in tax collection, for meeting committed revenue targets. FBR spokesperson Ms Riffat Shaheen Qazi said that the visionary leadership of FBR, through its extraneous efforts during the 4th quarter of CFY has made it possible to achieve the remarkable revenue collections. She further reaffirmed the resolve of FBR's tax machinery, under the able leadership of Salman Siddique, to achieve its assigned revenue targets by the close of current Fiscal year, 2010-11.-PR