The Federal Board of Revenue (FBR) has provisionally collected Rs 92.6 billion in March, against the target of Rs 135 billion, reflecting a shortfall of Rs 42.4 billion. According to figures compiled here on Wednesday, provisional revenue collection for March stood at Rs 92.6 billion, against Rs 103.82 billion collected in the same period of last fiscal year showing a decrease of Rs 11.22 billion.
Out of gross revenue collection of Rs 97.162 billion, net revenue collection stood at Rs 92.6 billion. Sources told Business Recorder that the FBR expects to collect an additional amount of Rs 20-25 billion on compilation of final figures. The revenue collection is likely to touch Rs 117.6 billion, which may be still short of target by Rs 17.4 billion.
To meet revenue shortfall, the Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) have started recovery of arrears from major defaulters across the country. The board has also started enforcement to improve collection of withholding tax on salary paid to government, semi-government and private sector; withholding tax on rental income; withholding tax on imports; deduction of tax from interest on bank deposits and deduction of taxes from payments to non-residents.
The board further directed the concerned officials to ensure recovery of arrears to the tune of Rs 37 billion in different major sectors. The appeals pending at the level of commissioner of appeals should be expedited for clearance of backlog and recovery of amount involved in litigation.
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