Business

FBR fails to achieve revised tax collection target for FY 2013-14

ISLAMABAD: The Federal Board of Revenue (FBR) remained unsuccessful in achieving tax collection target for the fiscal year July-June (2013-14) although the target revised several time, ARY News reported.

According to updated position of revenue collection revealed on Tuesday, FBR has collected over Rs 2,266 billion during July-June (2013-14) against assigned target of Rs 2,275 billion, reflecting a shortfall of Rs 9 billion.

When compared with fiscal year 2012-13, during which FBR had collected Rs 1,939 billion, revenue collection has shown an increase of Rs 327.4 billion during 2013-14.

Break-up of revenue collection during whole fiscal of 2013-14 revealed that income tax collection stood at Rs 903 billion in 2013-14 against Rs 739.7 billion in 2012-13; sales tax Rs 1,047 billion against Rs 841.3 billion; Federal Excise Duty (FED) Rs 169 billion against Rs 119.4 billion and customs duty collection amounted to Rs 240 billion against Rs 239 billion in 2012-13.

The current team of tax managers headed by FBR Chairman Tariq Bajwa intensified enforcement and administrative actions in the last quarter (April-June) 2013-14. The recovery of arrears/unpaid amount of taxes, assessments and audit remained priority during last quarter of current fiscal year. The improvement in valuation ruling at the import stage and accurate assessment was also instrumental in improving collection at import stage.

 

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