Cash reporting system: FBR collects Rs840.7bn during July-Dec

RECORDER REPORT

ISLAMABAD: The Federal Board of Revenue (FBR) through cash reporting system has provisionally collected Rs840.7 billion during July-December (2011-2012) against Rs661.7 billion collected during the corresponding period of last year, reflecting an increase of 27.05 percent.

According to provisional figures compiled here on Sunday, the FBR through cash reporting system collected Rs201.7 billion during the month of December 2011. Keeping in view provisional revenue collection of Rs840.7 billion during July-December (2011-2012), tax mangers are confident to amass annual target of Rs1952 billion by the end of current fiscal year.

Sources told Business Recorder that the tax machinery has collected over Rs201 billion through the cash reporting system in December 2011 which may ultimately remain on higher side after reconciliation of revenue figures in coming days.

It is expected that the sales tax collection from five major export oriented sectors would improve after issuance of SRO 1125(I)/2011. So far, collection from five major zero-rated sectors remained unsatisfactory during current fiscal, sources added.