FBR increases tax collection target

Federal Excise Duty goal has been lowered for December.

ISLAMABAD: Federal Board of Revenue (FBR) has raised the tax collection target for the month of December by Rs5 billion, while it has lowered the target for Federal Excise Duty (FED) by Rs400 million.

According to a document available with The Express Tribune, FBR has increased the target of tax receipts from Rs203 billion to Rs208 billion. This target is 28.7% higher than the receipts collected during the same month last year, which was Rs161.6 billion.

The target includes Rs98 billion income tax, which is higher by Rs1 billion from the initial target. Similarly the target of indirect taxes has been raised by Rs3.8 billion to Rs78 billion. However, the target for the collection of excise tax has been reduced by Rs400 million.

Meanwhile, the target for customs duty during the current month has been revised with an addition of Rs800 million and is now Rs20 billion.

The document further states that the FBR is working on a target of Rs840.1 billion as overall tax receipts during the first six months from July to December of the current fiscal year. The target for the first quarter from July to September had been set at Rs363 billion and for the second quarter from October to December at Rs477.1 billion.

Published in The Express Tribune, December 6^th, 2011.