FBR has to collect over Rs 220 billion in May, June

The Federal Board of Revenue (FBR) has to collect over Rs 220 billion in May and June of 2011 to meet the downward revised annual target of Rs 1,588 billion by the end of current fiscal. Sources told Business Recorder here on Monday that the revenue collection of the FBR has reached around Rs 1,146.7 billion during July-April (2010-2011) against downward revised annual target of Rs 1,588 billion, reflecting a shortfall of Rs 441.3 billion.
The data of monthly collection revealed that the FBR has collected Rs 126.6 billion during April 2011 against monthly target of Rs 151.2 billion, reflecting a shortfall of Rs 24.6 billion. Break-up of April 2011 revealed the provisional direct taxes collection stood at Rs 48 billion, sales tax Rs 50.6 billion, Federal Excise Duty Rs 12.8 billion and provisional collection of customs duty was Rs 15.2 billion during this period.