The Federal Board of Revenue has provisionally collected Rs 162 billion as compared to the target of Rs 172 billion, reflecting a shortfall of Rs 10 billion. According to the net revenue collection figures compiled by the FBR here on Friday, the tax machinery has been able to provisionally collect Rs 1363 billion during July-February (2013-14) against Rs 1,162 billion in the corresponding period of last fiscal year, reflecting a growth of 17 percent. Tax officials are confident to maintain at least 17 percent growth in the remaining months of 2013-14.
The provisional collection during February 2014 stood at Rs 162 billion as compared to Rs 140 billion in February last. Total net collection from July to February stood at Rs 1,363 billion as compared to Rs 1,162 billion last year. Sources said the net revenue collection is expected to cross Rs 165 billion in February 2014 against Rs 140 billion in February 2013 after book adjustment and receipt of revenue figures from far-flung areas.
The data showed that the FBR has to collect Rs 1,112 billion in the remaining period March-June 2013-14 for meeting the annual target of Rs 2,475 billion by the end of current fiscal year. So far, the FBR has not downward revised the revenue collection target of Rs 2,475 billion, but the current pace of collection revealed that it would not be able to reach the psychological barrier of Rs 2,475 billion by end-June 2014.