Revenue collection targets revised downwards
Income tax collection target increases, indirect tax targets reduced.
ISLAMABAD:
The Federal Board of Revenue (FBR) has revised downwards its tax collection targets for the second quarter of the current fiscal year by Rs20.5 billion. It has also reduced its November tax collection target by Rs8.1 billion.
The reasons given for this downward revision were the extenuating circumstances, including the floods and the failure to implement the reformed general sales tax.
According to sources, the FBR reviewed its tax collection targets and revised income tax and federal excise duty targets upwards and revised sales tax and customs duty collection targets downwards.
The new tax collection target for this quarter and the next month are Rs361 billion and Rs110 billion respectively.
The adjustments were made after consultations with the International Monetary Fund’s (IMF) delegation.
A flood tax or income surcharge may be imposed to generate around Rs80 billion but that the number is not part of the FBR’s tax collection targets.
Income tax collection target for the quarter has been increased by Rs8 billion to Rs147 billion while the indirect tax collection target has been reduced by Rs28.5 billion to Rs214 billion.
Among indirect taxes, the sales tax collection target has been reduced by Rs26.3 billion to Rs139 billion. Customs duty collection target has been reduced by Rs2.4 billion to Rs41 billion.
Published in The Express Tribune, November 6th, 2010.
The Federal Board of Revenue (FBR) has revised downwards its tax collection targets for the second quarter of the current fiscal year by Rs20.5 billion. It has also reduced its November tax collection target by Rs8.1 billion.
The reasons given for this downward revision were the extenuating circumstances, including the floods and the failure to implement the reformed general sales tax.
According to sources, the FBR reviewed its tax collection targets and revised income tax and federal excise duty targets upwards and revised sales tax and customs duty collection targets downwards.
The new tax collection target for this quarter and the next month are Rs361 billion and Rs110 billion respectively.
The adjustments were made after consultations with the International Monetary Fund’s (IMF) delegation.
A flood tax or income surcharge may be imposed to generate around Rs80 billion but that the number is not part of the FBR’s tax collection targets.
Income tax collection target for the quarter has been increased by Rs8 billion to Rs147 billion while the indirect tax collection target has been reduced by Rs28.5 billion to Rs214 billion.
Among indirect taxes, the sales tax collection target has been reduced by Rs26.3 billion to Rs139 billion. Customs duty collection target has been reduced by Rs2.4 billion to Rs41 billion.
Published in The Express Tribune, November 6th, 2010.