Provisional figures: fiscal year 2012 tax collection exceeds Rs 1.9 trillion

The hectic efforts of Federal Board of Revenue (FBR) have succeeded in making record revenue collection of over Rs 1900 billion in 2011-12 against Rs 1550 billion in 2010-11, crossing Rs 1900 billion mark, which will help to a great extent to raise the tax-to-GDP ratio.
Sources told Business Recorder that the provisional revenue collection of the FBR stood at over Rs 1900 billion late Saturday night. This is a historic achievement of the FBR to reach the figure of Rs 1900 billion despite prevailing economic and law and order situation in the country.
The final figures would be compiled on collection of data from far flung areas and reconciliation of the revenue receipts with the field formations. "We are still compiling figures and provisional collection till Saturday night is over Rs 1900 billion. The collection would further increase in compilation of final data," sources said.
As compared to the ambitious revenue collection target of Rs 1952 billion for 2011-12, the tax machinery has been able to collect over Rs 1900 billion during current fiscal, reflecting a shortfall of Rs 52 billion. The budgetary target of Rs 1667 billion was downward revised to Rs 1604 billion during 2010-11. The revised target of Rs 1604 billion was further scaled down to Rs 1588 billion in 2010-11.
The net revenue collection of the FBR stood at Rs 1550 billion for 2010-11 against thrice revised target of Rs 1588 billion. On the other hand, the FBR has not even revised downward revenue collection target of Rs 1952 billion set in budget 2011-12. The tax machinery has made day and night efforts to cross the psychological barrier of Rs 1952 billion by the end of current fiscal. Even the revenue projections for current fiscal have not been revised once.
The latest data itself speaks of the efforts made by the FBR to reach the figure of Rs 1952 billion during current fiscal without slashing the said budgetary tax projections. The FBR team headed by FBR Chairman Mumtaz Haider Rizvi and FBR Member Inland Revenue Shahid Hussain Asad has made day and night efforts to meet the psychological barrier of Rs 1952 billion, but the slowdown in business activities, load shedding of electricity and gas and undocumented economy has impact on the overall revenue collection of the FBR. The FBR and its tax machinery has no control over the economic indicators and law and order situation having direct impact on the overall revenue collection during current fiscal.