The Federal Board of Revenue would be able to amass revenue in the range of Rs 1,850 billion and Rs 1,900 billion, taking into account current economic situation including power and gas load shedding having direct impact on business and trade. Sources told Business Recorder on Tuesday that it is virtually impossible to cross the psychological barrier of Rs 1,952 billion by the end of 2011-12.
So far, the government has not revised downward the revenue collection target of Rs 1,952 billion for 2011-12. In this connection, the government has not yet communicated to the FBR to slash the ambitious revenue target of Rs 1,952 billion for 2011-12. The original budgetary projection of Rs 1,952 billion remained intact without any downward revision in the assigned annual target for the outgoing fiscal year.
According to FBR estimates, the revenue collection would range between Rs 1,850 billion and Rs 1,900 billion, depending on the additional revenue being generated through the amnesty schemes and other areas of revenue collection. In May 2012, the FBR has been able to collect Rs 10 billion through amnesty schemes and more revenue is expected in coming days. If we cross Rs 1,900 billion by the end of June 2012, it would be an extraordinary achievement for the FBR. The required growth in revenue is much higher as compared to the current pace of revenue collection, sources said.
The FBR is monitoring the performance of the field formations particularly Large Taxpayer Units of Karachi, Lahore and Islamabad day and night as major chunk of revenue would come from these three units. In the remaining few days of June 2012, the FBR may be able to collect between Rs 1,850 billion and Rs 1,900 billion. The provisional revenue collection of the FBR is over and above Rs 1,800 billion during July 2011-June 25, 2012 (current fiscal year) against Rs 1,465 billion in the same period last fiscal year, reflecting a growth of over 23 percent.
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