ISLAMABAD: The Federal Board of Revenue (FBR) has to collect Rs41.5 billion in the last ten days of April to meet its target of Rs121.5 billion. FBR officials told The Express Tribune that the FBR has collected Rs80 billion in taxes in the first 20 days of April. The FBR expects that the collection target for April of Rs121.5 billion would be achieved.
The Revenue Advisory Council, in its meeting held a few days ago, termed the Rs1,380 billion tax collection target for the current fiscal year unachievable and said only Rs1,350 billion could be collected by the end of the fiscal year in June. Higher collection in the form of advance tax would reduce the shortfall of more than Rs50 billion in revenues in the first nine months of the current fiscal year 2009-10, they said. Officials said that in the current fiscal year from July 1, 2009 to April 20, 2010, tax collection by the FBR stood at Rs970 billion.
For the first 10 months of 2009-10 (July to April), the target was Rs1,060.2 billion. In the first nine months (July to March), the FBR collected Rs890 billion. In March alone, it netted Rs90.60 billion. The FBR has increased the target of tax collection for the last quarter (April to June) on the directives of the