The Sindh Revenue Board (SRB) has achieved its tax collection target set for the current fiscal year, aggregating Rs 25 billion with a month to spare before the end of the financial year, Business Recorder learnt on Thursday. Total collection of sales tax on services till June 30 this year would be nearly Rs 26 billion, sources said.
SRB collected Rs 23.99 billion till June 26, besides receiving Rs 1.1 billion from the federal government, they said. The amount, they said, had been collected by the Federal Board of Revenue (FBR) from Sindh in the mode of Federal Excise Duty (FED) on services, they said. Interestingly, the FBR had not yet withdrawn FED on services despite the passage of the 18th Amendment and 7th NFC Award, according rights to collect sales tax on services to provinces. Sindh, meanwhile. established SRB in 2010.
According to sources, SRB collected Rs 7.6 billion from telecommunication sector, Rs 3.1 billion from insurance sector, Rs 2.23 billion from banking sector, Rs 7 billion from restaurants, cafes and caterers, Rs 57 billion from courier sector, Rs 443 million from stevedores, Rs 350 million from hotels, Rs 329 million from customs agents and Rs 1.2 billion from withholding sector. However, SRB collected the rest of the amount from other minor sectors, they added. The Sindh government has fixed a target of Rs 32 billion for SRB for fiscal year 2012-13.