FRIDAY MAY 17: July-May 16 period: provisional tax collection stands at Rs 1.54 trillion

ISLAMABAD: The Federal Board of Revenue has provisionally collected Rs 1,547.708 billion during July-May 16 (2012-13) against Rs 1,478.696 billion in same period last fiscal year, reflecting an increase of 4.7 percent. Sources told Business Recorder on Thursday that the budgetary revenue target of Rs 2,381 billion was revised downward to Rs 2,191 billion for 2012-13.
The FBR target has been further slashed to Rs 2,050 billion by the end of 2012-13. Later, the FBR had conveyed to the Ministry of Finance that the tax machinery would try its level best to reach the figure of Rs 2,050 billion by the end of current fiscal year.
The Board has to collect Rs 502.292 billion in remaining period of (May-June) 2012-13 to reach figure of Rs 2,050 billion. The current pace of revenue collection revealed that it would be an uphill task to even reach the figure of Rs 2,000 billion by the end of 2012-13, sources said. According to net revenue collection figures (July-May 6) 2012-13 compiled here on Thursday, Board has provisionally collected Rs 1,547.708 billion during July-May 16 (2012-13) against Rs 1,478.696 billion in same period last fiscal year, reflecting an increase of 4.7 percent.
Break-up of tax collection during first 16 days of May 2013 revealed that the total collection was Rs 42.306 billion during May 1-16 against Rs 52.504 billion, reflecting a decrease of 19.4 percent. Direct taxes collection was Rs 19.373 billion during May 2013 against Rs 17.093 billion in the same period last fiscal year, showing a growth of 13.3 percent. The collection of withholding tax at the import stage was Rs 3.584 billion during May against Rs 3.059 billion in same period last year, showing an increase of 2.12 percent.
Sales tax collection was Rs 15.364 billion during the period under review against Rs 25.039 billion in the same period last fiscal, reflecting a decrease of 38.6 percent. The collection of the federal excise duty (FED) was Rs 141 million during May 2013 against Rs 2.155 billion in same period last fiscal year, reflecting a decrease of 93.5 percent. The customs duty collection was Rs 7.428 billion during this period against Rs 8.217 billion during corresponding period of last fiscal year, showing a decrease of 9.6 percent.