The Federal Board of Revenue has provisionally collected nearly Rs 84 billion upto August 28 as compared to Rs 75 billion in the corresponding period last fiscal year, reflecting an increase of Rs 9 billion. The current pace of revenue collection in August 2010 showed that devastating floods are still having serious impact on the overall revenue collection during the period under review.
Sources told Business Recorder here on Monday that the FBR has compiled data of collection for the period upto August 28. The data clearly reflected that the floods have severely impacted the overall revenue collection during first quarter (July-September) 2010-11. So far, the board has provisionally collected Rs 84 billion upto August 28 as compared to the target of Rs 102.4 billion set for August 2010, reflecting a shortfall of Rs 18.4 billion. It would be very difficult for the tax machinery to meet the target of Rs 102.4 billion fixed for August 2010. The revenue collection is likely to be increased in coming days following compilation of final figures.