The 23.5 percent growth in direct taxes has enabled the Federal Board of Revenue (FBR) to amass Rs 182 billion in March 2013 against Rs 149.6 billion during the same period last fiscal, reflecting a handsome increase of 22 percent.
Sharing historic achievement of FBR, Asrar Rauf Senior Member Tax Policy told Business Recorder here on Tuesday that the provisional revenue collection in March 2013 amounted to Rs 182 billion as compared to Rs 149.6 billion in same period last fiscal, reflecting a growth of 22 percent. The policy measures taken by the FBR has achieved remarkable growth during the period under review.
Senior Member Tax Policy said that the direct taxes collection has witnessed an exceptional growth of 23.5 percent during March 2013. This is very encouraging achievement on direct taxes side due to effective monitoring of the withholding taxes. The creation of special Withholding Commissioners at the level of the field formations has also played an important role in improving direct taxes collection during this period.
The withholding taxes are major chunk of direct taxes collection and effective monitoring by the Commissioners Withholding Taxes has improved overall direct taxes collection during this period. The tax policy measures taken by the FBR has also contributed in remarkable performance of the FBR during March 2013, Asrar Rauf added.
Meanwhile, sources said that the credit of extraordinary growth in revenue collection goes to FBR Chairman Ali Arshad Hakim for taking policy and enforcement measures for improving revenue collection. The ongoing action against textile and sugar mills also contributed in improved collection during this period. A number of key policy measures taken by the tax authorities also standardised the tax rates and removed discrimination in the tax system.
Break-up of monthly collection during March 2013 revealed that the direct taxes collection was Rs 77 billion against Rs 62 billion, showing a remarkable growth of 23.5 percent. Sales tax collection was Rs 70.9 billion against Rs 59.6 billion, showing a healthy growth of 19 percent.
The collection of customs duty was Rs 24.74 billion during this period against Rs 20.47 billion in the same period last fiscal, showing an increase of 20.8 percent. So far, the FBR has provisionally collected Rs 1,344 billion during July-March (2012-13) against Rs 1,259.765 billion in same period last fiscal, reflecting an increase of 6.7 percent.