FBR faces revenue deficit of about Rs184 billion
ISLAMABAD: The Federal Board of Revenue (FBR) is unable to meet the revenue collection revised target of Rs3935 billion for the year 2017-18. An advance amount of about Rs 400 billion is already collected from business related people and also from banks.
The recorded temporary net profit assortment is over Rs3751 billion, however, the revised objective was of Rs3935 billion.
In the year 2016-17, tax department composed Rs3368 billion, it did not include collections on account of book adjustments for June 2018.
The former government of Pakistan Muslim League Nawaz (PLM-N) allocated the revenue collection target of Rs4013 billion, but some month ago the tax regularities had revised it to Rs3935 billion instead of Rs4013 billion.
FBR collection of income tax is of Rs1441 billion, and its target was Rs1562, resulting in the deficit of around Rs121 billion.
Sales tax collected is Rs1488 billion, however its target was of Rs1541 billion. Similarly, the department had to face a shortfall of Rs16 billion (Rs216 billion were collected and the target was of Rs232 billion) from Federal Excise duty as of fiscal year 2017-18.
There is a short fall in Inland Revenue by Rs190 billion, as the assigned target was of Rs3335 billion. However, Customs has exceeded the target by Rs6 billion and its allocated objective was of Rs600 billion.
According to sources, it is observed that there is an amplification of almost 11.37% on revenue accumulation according to the last fiscal year.
As per FBR, the amount collected of Rs3751 billion does not consist any contribution of Rs90 billion acknowledged on account of foreign and domestic amnesty schemes.