Revised target for fiscal year 2011: FBR needs to collect Rs 842.8 billion in five months

The Federal Board of Revenue (FBR) is facing an uphill task to collect nearly Rs 842.8 billion in the remaining five months of 2010-11 for meeting the downward revised revenue collection target of Rs 1,604 billion. According to the revenue data compiled here Tuesday.
The FBR has provisionally collected Rs 761.2 billion during July-January 2010-11 against Rs 666 billion during the same period last fiscal year, showing an increase of Rs 95.2 billion. Direct taxes collection stood at Rs 272 billion, sales tax Rs 327.5 billion, customs duty Rs 94.4 billion and collection of federal excise duty (FED) stood at Rs 67.3 billion during the period under review.
Keeping in view collection of Rs 761.2 billion during July-January 2010-11, the tax machinery has to collect Rs 152.24 billion on monthly basis to achieve the downward revised revenue collection target of Rs 1604 billion. On average basis, the tax machinery has to generate at least Rs 152.24 billion per month to meet the annual target for 2010-11. The FBR has collected nearly Rs 99 billion in January 2011. In December 2010, the Board had collected around Rs 151 billion against the target of Rs 147 billion, showing an increase of Rs 4 billion.