The provisional revenue collection during April 1-18, 2013 stood at Rs 93.367 billion against Rs 51.053 billion in the corresponding period last fiscal year, showing an increase of Rs 42.314 billion. Sources told Business Recorder here on Tuesday that the FBR is expecting to reach revised target of Rs 2.193 trillion by the end of June 2013 by generating sufficient revenues from new taxation measures including administrative/enforcement measures during the remaining period of current fiscal year.
The FBR has intensified its efforts to generate additional revenue through these enforcement/administrative measures. In March 2013, Board has amassed Rs 182 billion against Rs 149.6 billion in same period last fiscal, reflecting an increase of 22 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. The Board is planning to propose taxation measures and administrative/enforcement actions to the tune of Rs 419 billion in budget (2013-14) through withdrawal of tax exemptions and administrative measures to improve recovery from registered persons.
The FBR is working on tax policy/administration measures of Rs 419 billion for next fiscal year against taxation/enforcement measures of Rs 128 billion taken in budget 2012-13. Of Rs 128 billion, Rs 31.772 billion were estimated through additional revenue measures in all major taxes while the remaining Rs 97 billion were estimated to be generated through improved administration and enforcement in the tax collection machinery.
Sources said that the FBR has estimated Rs 2,347 billion revenue projection for the next fiscal year (2013-14). The projection is based on 14 percent nominal Gross Domestic Product (GDP) growth rate estimated by the Finance Division. However, number of tax policy/administration measures to the tune of Rs 419 billion has been proposed to be adopted during 2013-14. If the proposed tax policy/administrative measures are approved by the government then the tax projections would be Rs 2,766 billion or 10.4 percent of the GDP, sources added.