The Central Board of Revenue (CBR) has collected Rs 230 billion during July-December 2003-04 as compared to Rs 201.4 billion in the corresponding period of last fiscal year (an increase of Rs 28.6 billion).
Official sources told Business Recorder here on Friday that the CBR has surpassed the revenue target of Rs 218 billion for first six months of the current fiscal year.
The CBR received more amounts during the last two weeks taking the total tax collection to Rs 230 billion as compared to provisional collection of Rs 223.9 billion reported on January 1, 2004.
The revenue collection for December 2003 was Rs 60 billion, against Rs 44.7 billion during the same period last financial year showing an increase of Rs 15.3 billion (34.23%).
Meanwhile, total number of income tax returns filed by companies was 10,976 up to January 15, 2004, as compared to 9,138 filed in same period last year (an increase of 1,838 returns). An amount of Rs 5.3 billion was received with the corporate income tax returns up to January 15, 2004 against Rs 4 billion deposited during the corresponding period last year.
The data showed that both, the number of returns and tax paid, have shown considerable improvement, which is an indication that the companies are optimistic about the ongoing revamping of the tax machinery.
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