FBR announces tax collection targets

FBR slashes tax collection target for October by 3.5 per cent as compared to tax collections in October of last year.

ISLAMABAD: The Federal Board of Revenue (FBR) has slashed the tax collection target for October this year by 3.5 per cent as compared to tax collections in October of last year. However, the FBR is expecting a growth of 19.8 per cent in tax collections in the current October-December quarter compared to the corresponding quarter last year.

The tax collection target for this October has been fixed at Rs104.3 billion which is less than the tax collection of Rs108.1 billion last year by 3.5 per cent. The tax collection target for the current quarter has been fixed at Rs381.5 billion which is more than the tax collection of Rs318.5 billion in the same quarter last year.

For the current quarter, income tax collection target is Rs139 billion, sales tax collection target is Rs165.3 billion, federal excise duty target is Rs33.8 billion and customs duties target is Rs43.4 billion.

The tax targets are due to be discussed with the International Monetary Fund (IMF) at the end of this month or the beginning of next month.

Published in The Express Tribune, October 6^th, 2010.