Target unlikely to acheive as FBR collects Rs 1410 billion so far

Islamabad: Federal Board of Revenue (FBR) has collected taxes of amount Rs 1410 billion during period of July 2011 to April 2012.

The sources said that FBR’s annual target was Rs 1952 billion, set in the federal budget, and it has to collect another Rs. 510 billion till June.

According to official sources, FBR had collected taxes Rs 1160 billion during the same period last year and an addition of Rs. 250 billion has been collected in the first ten month of current financial year by FBR.

“New annual revenue target could be set at Rs.2350 billion in the next federal budget,” they added.

However, officials in Revenue Board and trade industry say that the domestic production has been reduced in all manufacturing sectors because of unprecedented load-shedding of natural gas and electricity.

“The tax recovery could further reduce as current wave of strikes, unrest, lawlessness and recently operation against Leyari Gang war in leyari is likely to continue during next fiscal year.”

Trade circles have expressed their concerns about the record power outages in various cities of the country including Faisalabad, Islamabad, Chakwal, Attuck, Pishawar, Mardan, Bannu, Kohat, d I khan, Noshehra, Sawabi, Sawat, Okaarra, Bahawalpoor, Bahawalnagar, Hyderabad and Quetta in addition to the nation’s economic hub, Karachi.

They were doubtful that the FBR could be able to achieve its 2011-12 target of Rs. 1952 billion despite the untiring efforts of FBR and a shortfall of Rs. 100 or 150 billion was expected to tax collection.

During last fiscal year, the federal government had set the revenue target of Rs. 1667 billion, a target which was later revised to Rs 1588 billion. Still FBR had failed to get the revised fiscal year target for tax collection.

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