The Federal Board of Revenue (FBR) has revised the quarterly revenue collection targets for 2009-10 to ensure Rs 1380 billion collection by the end of the fiscal year. Sources told Business Recorder here on Saturday that the revenue collection target for first quarter (July-September) 2009-10 has been fixed at Rs 270 billion, reflecting 19.6 percent of the annual target.
In the second quarter (October-December), the revenue collection target has been fixed at Rs 325 billion, reflecting 23.5 percent of total projected collection in 2009-10. According to FBR's latest revenue projections, the target for third quarter (January-March) of 2009-10 has been set at around Rs 345 billion, showing 25 percent of annual budget. The highest revenue collection target of nearly Rs 440.1 billion has been fixed for the fourth quarter (April-June) ie 31.9 percent of total projection.
Sources said that the adjustment of quarterly target for fiscal year 2009-10 has been done keeping in view all possible avenues of tax generation by the FBR and Revenue Advisory Council.
The impact of advance tax on the overall revenue collection during 2009-10 has been reflected from the following analysis being conducted by the FBR: Under scenario-I the projected collection has been specified with payment of advance income tax by September 15 through persuasion of taxpayers. The figures are based on strict implementation of enforcement plan and inputs from Large Taxpayer Units and Regional Tax Office (RTOs).
The estimated collection would be Rs 280 billion in first quarter (July-September) of 2009-10, reflecting 20.3 percent of the annual budgetary target. The estimated collection would be Rs 299.5 billion during second quarter (October-December), showing 21.7 percent of the annual budget. The projected collection would be Rs 352 billion in the third quarter (January-March), reflecting 25.5 percent of the annual budget. The estimated collection would be Rs 442 billion during fourth quarter (April-June) with advance income tax, showing 32 percent of the budgetary target.
Under scenario-II, the projected collection has been specified without payment of advance income tax. In this case, working has been done to check estimated collection trend without collection of advance income tax.
The estimated collection would be Rs 248.5 billion in the first quarter (July-September) of 2009-10, reflecting 18 percent of the annual budgetary target. The estimated collection would be Rs 336.8 billion during second quarter (October-December), showing 24.4 percent of the annual target. An amount of Rs 347.6 billion has been worked out without advance tax during third quarter (January-March), reflecting 25.2 percent of the annual budgetary target. The estimated collection could be approximately Rs 447.1 billion during fourth quarter (April-June) without advance income tax, showing 32.4 percent of the budgetary target.