The Federal Board of Revenue (FBR) has provisionally collected over Rs 3,274 billion during July-May (2017-18) and the Board is now required to collect Rs 661 billion in June 2018 to meet the annual revised target of Rs 3,935 billion.
The FBR is facing an uphill task of collecting Rs 661 billion in the last month (June 2018) of current fiscal year to meet downward revised target of Rs 3,935 billion for 2017-18. The government has already revised revenue collection target of Rs 4,013 billion to Rs 3,935 billion, reflecting a decrease of Rs 78 billion.
Keeping in view the net collection of over Rs 3,274 billion during first 11 months of 2017-18, it seems a very challenging task to reach the figure of Rs 3,935 billion by the end of current fiscal year.
According to the provisional data issued by the FBR here Thursday, the FBR during the first 11 months of the current financial year has also recorded a provisional net revenue collection of over Rs 3,274 billion against Rs 2,854 billion collected during the same period of last fiscal year, excluding the collection on account of book adjustments which depicts an increase of around 15 percent.
The provisional collection for May 2018 is Rs 351 billion excluding collection on account of book adjustments. The figures of collection received in the treasuries of the remote areas may further swell the revenue figures. The revenue collection trend during the first 11 months of the financial year augurs well for the efforts of the FBR towards achievement of the assigned revised annual revenue target.
The FBR (31st May, 2018) issued further refunds of Rs 31.3 billion to take the total amount of refunds issued during the year to more than Rs 100 billion in first 11 months against Rs 54 billion issued during 12 months of the previous year.
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