The Federal Board of Revenue has fixed Rs 156 billion as tax collection target for May 2011 to meet the revised target of Rs 1,588 billion for 2011-12. Sources told Business Recorder here on Monday that the target of Rs 156 billion has been chalked out in view of the current economic situation of the country.
In case the FBR collects Rs 156 billion in May 2011, the tax machinery has to collect nearly Rs 285 billion in June 2011, which seems an impossible task. The Board has provisionally collected around Rs 1147 billion during July-April (2010-11) against downward revised annual target of Rs 1588 billion, reflecting a shortfall of Rs 441 billion.
Break-up revealed that the direct taxes collection stood at Rs 430 billion during July-April (2010-11) against Rs 388 billion in the corresponding period of last fiscal, showing an increase of 10.8 percent. Sales tax collection stood at Rs 473 billion during the period under review against Rs 417 billion in the same period last fiscal, reflecting an increase of 13.4 percent. Sales tax collection at the import stage stood at Rs 237 billion during July-April (2010-11) against Rs 196 billion, showing an increase of 21 percent. The provisional sales tax collection on domestic consumption was Rs 236 billion during July-April (2010-11) against Rs 221 billion in the corresponding period of last fiscal, reflecting growth of 6.8 percent.
The FBR has collected Rs 102 billion as federal excise duty (FED) during July-April (2010-11) against Rs 95 billion in the corresponding period last fiscal, reflecting an increase of 7.4 percent. The collection of customs duty was Rs 142 billion during the first ten months of current fiscal against Rs 126 billion in the same period last fiscal, reflecting an improvement of 12.7 percent.
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