Rs 1,590.46 billion collection based on LTUs'/RTOs' figures: Asrar Rauf says...

Additional Secretary Revenue Division Asrar Rauf on Tuesday said the net revenue collection figure of Rs 1590.462 billion during 2010-11 was based on the provisional data reported by the all the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) as on June 30, 2011.
He told Business Recorder here on Wednesday that the FBR had announced the figures after compilation of data from the field formations. Based on the LTUs/RTOs-wise figures, the FBR had announced Rs 1590.462 billion as revenue collection on June 30, 2011. Responding to a query, Asrar Rauf said the figure of Rs 1590.462 billion is net revenue collection and it is not gross collection.
The net revenue collection of Rs 1590.462 billion shows that we have not only met but surpassed the target. "How the top management of the FBR can ever imagine to announce exaggerated figures during a press conference in the presence of authentic data reported by the field formations? What we have reported on June 30 night was the exact revenue collection reported by the LTUs/RTOs, which is evident from available figures. All three LTUs and 14 RTOs have achieved the ambitious revenue collection targets assigned by the Board," he stated.
He said the provisional revenue collection of Inland Revenue covering direct taxes, sales tax and federal excise duty (FED) was Rs 1.406.462 billion during July-June 2010-11. The FBR has collected over Rs 185 billion as customs duty during 2010-2011. Additional Secretary Revenue Division elaborated that the revenue collection would further increase in coming days on compilation of final figures and reconciliation of data with the Accountant General of Pakistan Revenue.
The payments deposited in banks will be cross-matched with the State Bank of Pakistan under the reconciliation process. The amnesty schemes announced by the FBR through SRO.647(I)/2011, SRO.648(I)/2011 and SRO.646(I)/2011 has provided a major tax incentive to the taxpayers for depositing their outstanding dues. A number of taxpayers have availed the amnesty schemes, which helped in improving revenue collection.
The withholding tax audit of bank and recovery of arrears during the last quarter of current fiscal further helped in increasing revenue collection. The effective monitoring of withholding agents and payment of last quarter advance tax instalment in June also increased collection during June 2011. The big withholding agents including banking sector, oil companies, courier and other categories of companies have also deposited the due amount of tax.
Another important factor, which contributed to increase in tax collection, was the applicability of reduced rate of 16 percent sales tax and abolition of the Special Excise Duty (SED) from June 20 instead of July 1, 2011. This encouraged the importers to clear their consignments at the reduced rate of sales tax without the SED during the last days of June 2001.
The importers did not have to wait for July for clearance of their consignments and they cleared their consignments at a lower rate during last days of June 2011. In the next 10-15 days the final revenue collection figures would clearly indicate the factual status and it is expected that the revenue collection would reach Rs 1600 billion on compilation of final figures.
Meanwhile, the FBR on Wednesday reiterated that the assigned budget targets for the fiscal 2010-11 has been achieved, according to the provisional data. This data, as per prescribed practice, would be firmed up during the course of this month and the final figures would be issued thereafter.
It may be noted that adjustments and corrections are a part of the normal accounting procedures. Based on the ongoing rendition of account and reconcilement, the FBR shall shortly issue the final data for public information. At present, there is no change in the provisional revenue collections announced on June 30, 2011, the FBR added.