Revenue collected during the period under consideration was Rs350 billion, which is only slightly higher than the tax collected during the corresponding period last year amounting to Rs336.7 billion.
More worryingly, the tax collected to date this month is only Rs45 billion, which is 15.3 per cent less than the collection of Rs75 billion in the same period last year.
Sources from the Federal Board of Revenue (FBR) have said that the reason for the reduced tax collection this month is the extension of the deadline for submitting sales tax and federal excise returns to October 25.
Sources said that the FBR’s target for tax collection for the first four months is Rs444.20 billion and that the target is expected to be missed by Rs50.9 billion.
The tax collection target for October was Rs104.3 billion but it is expected that the FBR will collect Rs80-90 billion in tax revenues.
The tax collection for the first quarter for the current fiscal year was Rs303.3 billion, which was Rs36.6 billion less than the target of Rs339.9 billion, added the sources.
The tax collection target for the second quarter is Rs381.5 billion, which represents an increase of 19.8 per cent on a yearly basis.
Published in The Express Tribune, October 23rd, 2010.
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