ISLAMABAD: Despite dynamic efforts to achieve reduced revenue target after two revisions, Federal Board of Revenue appears to lag behind the mark as in the first sixteen days of June 2014, FBR has collected only Rs 91.676 billion.
To meet the tax collection target, FBR is yet to generate over Rs 130 billion in two weeks. However, taking into consideration the current figures, it is seemingly a meagre possibility that the task can be accomplished.
FBR has collected Rs 2,144 billion so far. In the same period of previous fiscal year, the revenue body had collected around Rs 1,800 billion. In contrast to FY 2012-13, revenue collection has shown 15.9 per cent growth which is equal to Rs 293.625 billion.
Rs 815.57 have been collected in share of direct taxes (income tax); Rs 971.654 billion in share of sales tax; Rs 130.642 billion in share of federal excise duty; and Rs 226.152 have been collected in share of customs duty.
It is mentionable here that the revenue body owes around 101.371 billion in rebate/refunds.