FBR collects Rs855b in taxes

Facing Rs52 billion shortfall for eight months.

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs855 billion in taxes in the current fiscal year up to February 25. This figure represents a significant increase from the Rs764 billion collected in the corresponding period of the previous year.

However, in order to meet its Rs907 billion tax collection target for the eight months from July to February, it must collect a further Rs52 billion.

In the first 25 days of February, FBR collected Rs86 billion compared with Rs69 billion in the previous year.

However, in order to meet the Rs130 billion target for February, it must collect a massive Rs44 billion in the next three days.

According to provisional figures released by FBR, out of the Rs855 billion collected till February 25, Rs303 billion were direct taxes compared with Rs277 billion in 2009. Sales tax contributed Rs371 billion to the figure compared with Rs321 billion last year. Custom duties stood at Rs105 billion compared with Rs93 billion last year, while federal excise duties were recorded at Rs76 billion compared with Rs73 billion last year.

Published in The Express Tribune, February 26^th, 2011.