Sindh Revenue Board’s collection surpasses target
Amount goes beyond Rs100b; next-year's target set at Rs120b
The revenue is 28% higher than Rs78 billion achieved in the previous fiscal year 2016-17. PHOTO: EXPRESS
KARACHI:
The provincial tax authority has surpassed its annual revenue target of Rs100 billion in the recently-concluded fiscal year that ended on June 30, 2018, announced the Sindh Revenue Board (SRB) on Monday.
The revenue is 28% higher than Rs78 billion achieved in the previous fiscal year 2016-17.
"The SRB has surpassed its annual revenue (collection) target of Rs100 billion set for the financial year 2017-18," SRB said in a statement.
"Of the aforesaid collection of Rs100 billion, Rs92 billion were contributed by Sindh sales tax on services and Rs8 billion by the Sindh Workers Welfare Fund and Sindh Workers Profit Participation Fund.
Sindh govt comes up with relief package for taxpayers
"The SRB has maintained year-on-year revenue growth of 28% despite the Sindh sales tax 2017-18 of 13%, which is the lowest standard rate of sales tax in any federal or provincial administration in the country," added the SRB in the statement.
The tax authority collects sales tax on services including telecommunication, banks, insurance, hotels and restaurants.
Sindh is the first province to have established the capacity to collect sales tax on services since the fiscal year 2011 began. It did so under the 18th Amendment which empowered provinces to collect the tax.
The month of June 2018 also witnessed a revenue growth of 77% compared to June 2017, with the collection standing at Rs18.03 billion. "It is also the highest ever collection made during any month since SRB's inception in July 2011. The SRB has never missed its annual revenue target assigned by the government," it said.
Sindh pursues progressive tax policy: CM
"The success has been made possible because of the continued trust and cooperation of its taxpayers, the continuous support of the government of Sindh and the relentless efforts of its employees."
FY19's target
The SRB has set the revenue collection target of Rs120 billion for the new fiscal year 2018-19, aiming for a 20% increase compared with Rs100 billion for fiscal year 2017-18.
Published in The Express Tribune, July 3rd, 2018.
The provincial tax authority has surpassed its annual revenue target of Rs100 billion in the recently-concluded fiscal year that ended on June 30, 2018, announced the Sindh Revenue Board (SRB) on Monday.
The revenue is 28% higher than Rs78 billion achieved in the previous fiscal year 2016-17.
"The SRB has surpassed its annual revenue (collection) target of Rs100 billion set for the financial year 2017-18," SRB said in a statement.
"Of the aforesaid collection of Rs100 billion, Rs92 billion were contributed by Sindh sales tax on services and Rs8 billion by the Sindh Workers Welfare Fund and Sindh Workers Profit Participation Fund.
Sindh govt comes up with relief package for taxpayers
"The SRB has maintained year-on-year revenue growth of 28% despite the Sindh sales tax 2017-18 of 13%, which is the lowest standard rate of sales tax in any federal or provincial administration in the country," added the SRB in the statement.
The tax authority collects sales tax on services including telecommunication, banks, insurance, hotels and restaurants.
Sindh is the first province to have established the capacity to collect sales tax on services since the fiscal year 2011 began. It did so under the 18th Amendment which empowered provinces to collect the tax.
The month of June 2018 also witnessed a revenue growth of 77% compared to June 2017, with the collection standing at Rs18.03 billion. "It is also the highest ever collection made during any month since SRB's inception in July 2011. The SRB has never missed its annual revenue target assigned by the government," it said.
Sindh pursues progressive tax policy: CM
"The success has been made possible because of the continued trust and cooperation of its taxpayers, the continuous support of the government of Sindh and the relentless efforts of its employees."
FY19's target
The SRB has set the revenue collection target of Rs120 billion for the new fiscal year 2018-19, aiming for a 20% increase compared with Rs100 billion for fiscal year 2017-18.
Published in The Express Tribune, July 3rd, 2018.