FRIDAY SEPTEMBER 23: Provisional figures: first quarter tax collection shows Rs 70 billion shortfall

ISLAMABAD: The Federal Board of Revenue has provisionally collected Rs 250 billion during first quarter (July-September) 2011-12 against the quarterly target of Rs 320 billion, reflecting a shortfall of Rs 70 billion. Sources told Business Recorder here on Thursday that the provisional revenue collection during first quarter of current fiscal (July-September) 2011-12 stood at Rs 250 billion which is expected to be increased by the end of current month.
So far, the figure of provisional revenue collection during first quarter of 2011-12 has been based on figures compiled upto September 21, 2011. The quarterly payment of advance tax is also expected during current month and revenue collection in the remaining period of September 2011 is expected to witness a major jump following incorporation of figures of advance tax.
Sources said that the revenue collection figure of Rs 250 billion during first quarter (July-September) 2011-12 is provisional and FBR is expected to meet the assigned target of Rs 320 billion by the end of current month. In the remaining period of current fiscal, the FBR would be able to meet the assigned target for first quarter of 2011-12 after compilation of final figures.
Meanwhile, the FBR has finalised the revenue collection figure of Rs 1558.014 billion during 2010-11. Break-up of revenue collection during 2010-11 revealed that the direct taxes collection amounted to Rs 602.451 billion and indirect taxes collection stood at Rs 955.563 billion. The tax-wise break-up of indirect taxes revealed that the FBR has collected Rs 633.357 billion as sales tax; Rs 137.353 billion as Federal Excise Duty and FBR has collected Rs 184.853 billion as customs duty during 2010-11.