Federal Board of Revenue reports a 27.05% jump in revenue collection against last year’s figures

As per the Federal Board of Revenue (FBR) records announced on Sunday, the revenue collected during July-December 2011- term have registered a major leap of 27.05 % in comparison to the corresponding term last year.

The revenue collection reached Rs840.7 billion, whereas last year’s figures for the same time period were Rs661.7 billion. The FBR claimed to have collected Rs201.7 billion in December against Rs161.6 billion last year the same month, which has featured
a major jump of 24.8 %. However, despite such a major jump, revenue collected during December, failed to reach up to Rs208 billion, which was the target set for the last month of the year.

While talking about the tax collection, which will follow suit in the next few days, a government official shared, “We will receive more taxes in the next few days,” The government has released the revenue target of Rs1,952 billion for 2011-12.

It is hoped that this year would not repeat the last year’s episode when targets were short by Rs38 billion at Rs1,550 billion.

The FBR expects to receive over Rs21 billion under the head of surcharge on income tax from the corporate taxpayers. Those taxpayers were required to deposit their tax till Dec 31, 2011.

The official said the actual money that the FBR had received would take a few days before it was finalised.

“No one knows exactly how many returns have been filed this year,” the official said, citing flaws in the new system for the uncertain situation.

The finalised figures will be revealed soon, which will determine how much short of the ambitioned targets we were during the first half of the fiscal year 2011-2012.

Short URL: https://www.newspakistan.pk/?p=8016

Posted by sara.anwar on Jan 2 2012. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry