The Federal Board of Revenue (FBR) has collected around Rs 50 billion during first quarter (July-September) of 2015-16 from taxation measures taken in budget (2015-16). Sources told Business Recorder here on Wednesday that the FBR has carried out a review of budgetary impact of taxation measures taken in 2015-16 and collection from new measures during first quarter (July-September) of 2015-16. Income tax and withholding tax measures have generated approximately Rs 38 billion during the said period.
The FBR has generated around Rs 10 billion from sales tax measures and budgetary measures of customs duty and tariff rationalisation has raised Rs 7 billion during first quarter of (July-September) of 2015-16. In budget (2015-16), the government had withdrawn concessionary/exemptions statutory regulatory orders (SROs) of Rs 132 billion. At the time of budget, the FBR had taken revenue generation measures of Rs 238.200 billion and administrative measures of Rs 15 billion. In total, the taxation and administrative measures came to Rs 253.46.255 billion. The FBR had taken relief measures of Rs 29.210 billion. Out of Rs 238.200 billion new taxation measures, direct taxes measures of Rs 152.750 billion were taken in last budget. Sales tax and federal excise duty measures totalled Rs 58.060 billion. The taxation measures of customs duty totalled at Rs 56.600 billion.
Through amendments to the Finance Bill 2015, the government estimated revenue loss of around Rs 12 billion as a result of relief measures and reduction in duties and taxes after budget. The revenue impact of relief measures of sales tax and Federal Excise Duty (FED) stood at approximately Rs 5 billion. Direct taxes relief would cause estimated revenue loss of Rs 7-8 billion. The total estimated revenue loss of sales tax, income tax and Federal Excise Duty measures totalled Rs 12 billion through amendments introduced in the Finance Bill 2015.
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