July-Nov revenue collection up 28pc

RECORDER REPORT

ISLAMABAD: The Federal Board of Revenue has maintained remarkable growth trend during first five months (July-November) 2011-12, showing over 28 percent growth in revenue collection due to enforcement and documentation drive at national level.

FBR Chairman Salman Siddiq told Business Recorder on Wednesday that growth trend in revenue collection continued during (July-November) period of 2011-12. There is a healthy growth of 28 percent during the period under review as the FBR has maintained the current pace of enforcement and documentation in revenue collection during 2011-12. The extraordinary growth in revenue clearly reflects that the tax machinery is upbeat in maintaining momentum of healthy growth during current fiscal.

Sharing provisional revenue collection figures, the FBR Chairman said that the board has provisionally collected Rs 640 billion during first five months (July-November) 2011-12 as compared to Rs 500 billion in the corresponding period last fiscal year, showing an increase of Rs 140 billion.

Salman Siddiq added that the monthly revenue collection during November 2011 stood at Rs 131 billion against Rs 103 billion in the same period last fiscal year, showing an improvement of Rs 28 billion. The FBR would be able to meet the monthly revenue collection target of Rs 136 billion during November 2011, the FBR Chairman added.

Tax authorities added that the situation of revenue collection would improve further on compilation of final figures for 2011-12. Meanwhile, sources said that the FBR has surpassed the revenue collection target of Rs 632.1 billion during first five months (July-November) 2011-12. The FBR has provisionally collected Rs 640 billion July-November 2011-12 against the assigned target of Rs 632.1 billion, reflecting an increase of Rs 7.9 billion. The FBR has met the revenue collection target by collecting Rs 640 billion during the period under review.