Rs 834.4 billion tax projection for Q3: FBR sets Rs 350.1 billion target for March

The Federal Board of Revenue (FBR) has fixed Rs 350.1 billion revenue collection target for March 2017 and Rs 834.4 billion tax projection for the third quarter (January-March) of the current fiscal year 2016-17. According to sources, the monthly revenue collection target for current month has been set at Rs 350.1 billion as compared to Rs 250.6 billion target set for February 2017. Target set for January 2017 was Rs 233.7 billion. Total target for quarter (January-March) 2016-17 comes to around Rs 834.4 billion.
The FBR has provisionally collected Rs 1,915 billion during July-February (2016-17) against target of Rs 2,076 billion, reflecting a shortfall of Rs 161 billion. Thus, the FBR has to collect Rs 1,706 billion in the remaining period of March-June 2016-17 to meet the annual target for Rs 3,621 billion by the end of current fiscal year. When contacted, a senior FFBR official said that at this stage there is no planning to downward revise the assigned target Rs 3,621 billion for 2016-17.
Reportedly, the FBR had provisionally collected Rs 227 billion in February 2017 against monthly target of Rs 250.6 billion, reflecting a shortfall of Rs 23.6 billion. The FBR has provisionally collected Rs 227 billion in February 2017 against Rs 192 billion in same period last fiscal, reflecting a growth of 18 per cent. Data further revealed that the FBR provisionally collected Rs 1,915 billion during July-February (2016-17) against target of Rs 2,076 billion, reflecting a shortfall of Rs 161 billion. The Board has provisionally collected Rs 1,915 billion during July-February (2016-17) against Rs 1,773 billion, reflecting a growth of 8 percent.