AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

The Federal Board of Revenue (FBR) is set to miss the budgeted over 34 percent growth in revenue collection target for the second quarter (October-December) 2019-20.

Well-informed sources in the FBR told Business Recorder that FBR's internal working suggests a further downward revision in revenue collection target for the first six months of the current year by at least Rs 233 billion; this includes the Rs 164 billion shortfall in tax collection in July-October (2019-20).

The budgeted target of Rs 5.5 trillion for the entire fiscal year would also, as per the FBR's internal working, be revised downward to Rs 5.270 trillion.

The FBR revenue collection has shown a growth of 16 percent during July-October (2019-20) against the budgeted growth of 28.7 percent. Keeping in view the shortfall of Rs 164 billion during (July-October) 2019-20, the FBR requires a growth of 34.6 percent in the second quarter, which appears unrealistic.

FBR sources however insisted that they are expecting some increase in tax collection in the second half of the current fiscal year on the back of expected activities in construction sector under Naya Pakistan Housing Project. With 40 industries linked to the construction sector ranging from steel bars, to cement, paint, wood etc, tax collection would rise as the economic activity picks up pace.

"If the government is able to successfully implement the CNIC condition from February 2020 onwards, it would bring a number of undocumented sectors linked to the construction industry into the tax net and thereby generate revenue for the government," sources concluded optimistically.

Copyright Business Recorder, 2019

Comments

Comments are closed.