The Federal Board of Revenue (FBR) has provisionally collected over and above Rs 1,150 billion during July-June (2008-09) against the downward revised target of Rs 1,179 billion, reflecting a shortfall of Rs 29 billion. According to the FBR revenue collection figures released here on Thursday, the board has collected over Rs 1,150 billion during July-June (2008-09) against Rs 1,007 billion collected during the same period last fiscal year, reflecting increase of over 14 percent.
The FBR said that a substantial amount of the revenues collected in June 2009 is still in the pipeline and the final figures are likely to be settled by this weekend. Nevertheless, the provisional figures of total revenues worked out so far are over Rs 1,150 billion. However, the final figures are expected to be on the higher side, the FBR added.
The target for 2008-2009 was repeatedly revised during the current fiscal in view of factors like global economic recession; fluctuation in POL prices; slow down in imports and low profitability of the corporate sector; sudden changes in economic activities, slowdown of manufacturing process; import trends and current law and order situation in the country.
At the start of the financial year, the government had fixed revenue collection target at Rs 1,250 billion. The target was once again revised upward to Rs 1,360 billion in November 2008. Later, the target was revised downward up to Rs 1,179 billion for 2008-2009 in view of country''s economic situation.
Last year, the FBR had collected over Rs 145.864 billion in June 2008 against Rs 124.980 billion in the same period previous fiscal, reflecting an increase of 16.1 percent. Besides taxation measures of Rs 77 billion taken in budget (2008-2009), the revenue collection target for 2008-2009 also included administrative measures worth Rs 15 billion including Rs 5 billion each for customs duty, direct taxes and sales tax.
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