Revenue collection exceeds target in October

FBR collects more than Rs105billion against a target of Rs104.3billion, Rs110billion target set for November.

ISLAMABAD: The Federal Board of Revenue (FBR) has set a target of Rs110 billion for tax receipts for the month of November.

With receipts for October exceeding Rs105 billion against a target of Rs104.3 billion, the revenue shortfall for the first four months (July to October) of fiscal year 2010-11 has reduced to Rs45.2 billion, according to sources in the FBR.

Tax revenue collected during the four months amounted to Rs399 billion against a target of Rs444.2 billion. The revenue shortfall is expected to decrease in coming months.

Furnishing details, the FBR informed that of the Rs105 billion collected in October, Rs35.9 billion came through direct (income) tax, Rs48.3 billion from sales tax, Rs8.6 billion from federal excise duty and Rs12.3 billion in lieu of customs duty.

Published in The Express Tribune, November 5^th, 2010.