ISLAMABAD: The Federal Board of Revenue (FBR) is planning to revise downward revenue collection target for 2012-2013 to Rs 2,194 billion from Rs 2,381 billion, reflecting a decrease of Rs 187 billion. Sources told Business Recorder here on Monday that the revenue collection target would be slashed on the basis of revenue collection position during first four months of 2012-2013.
The FBR has chalked out the revised tax projections for 2012-2013 which would be finalised after obtaining input of tax managers in coming days. The new target for 2012-2013 would be finally revised after seeking approval of the policy makers. The quarterly and monthly targets of 2012-2013 would also be revised downward following revision of target of Rs 2,381 billion to Rs 2,194 billion. Precisely, the new revenue collection target for 2012-2013 has been worked out as 'Rs 2,194,749 million' for 2012-2013.
The FBR had estimated Rs 96 billion from 'Tax Registration and Enforcement Initiative' which is presently being delayed for sometime. The break-up of estimated slashed target of Rs 2,194 billion would be communicated to the Large Taxpayer Units and Regional Tax Offices after working out the tax-wise revised projections for each field unit during 2012-2013.
The FBR has provisionally collected Rs 140 billion in October 2012 against Rs 126 billion in corresponding period of last fiscal, reflecting an increase of Rs 14 billion. The target of October 2012 was Rs 176 billion. Due to four Eid holidays, the FBR was not able to collect around Rs 20-22 billion. The FBR has provisionally collected Rs 549 billion during July-October 2012-2013 against Rs 613 billion target for the period under review. During first quarter 2012-13, the FBR has collected Rs 409 billion against the target of Rs 437 billion during this period.
It is worth mentioning that the FBR has estimated to collect Rs 176.1 billion through administrative measures including tax registration scheme, action against non-duty paid vehicles, broadening the tax base, documentation of economy, audit and recovery of arrears and revival of the Alternative Dispute Resolution Mechanism during 2012-2013. The revenue measures taken in budget (2012-2013) would generate an additional amount of Rs 33.8 billion during the current fiscal.
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