Taxation

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Revised Target for Fiscal Year 2011
Wednesday, February 2, 2011

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.

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. Break up of collection is as under;

Direct tax = Rs 272 billion,
Sales tax = Rs 327.5 billion,
Customs duty = Rs 94.4 billion and
Fed. Excise duty = 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.

Labels: FBR, Fiscal Year 2011, Taxation