Govt collects Rs16b in sales tax on services
The government has so far collected Rs15.89 billion in sales tax from nine services during the current financial year 2010-11 and has set a tax target of Rs17.5 billion from these services next year, figures show.
The services include financial industry, advertising, construction, customs and commission agents among others.
According to documents, the Federal Board of Revenue (FBR) has collected Rs11.11 billion in sales tax this year from banking and insurance services as well as stock market operations while from advertising services it bagged Rs138.8 million. From construction services, FBR has collected Rs25.78 million, from courier services Rs1.28 billion, customs agents Rs584.75 million, shipping agents Rs40.43 million, studios Rs1.69 billion, freight forwarding agents Rs752.58 million and stock brokers Rs276.42 million.
In the next financial year 2011-12 beginning July, FBR expects to collect Rs12.22 billion in sales tax from banking and insurance services, stock market operations and other services. From advertising services, it has targeted to collect Rs152.68 million, from construction services Rs28.4 million, courier services Rs1.41 billion, customs agents Rs643.3 million, shipping agents Rs44.5 million, studios Rs1.86 billion, freight forwarding agents Rs830 million and stock brokers Rs304.06 million.
Published in The Express Tribune, June 23rd, 2011.
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