FBR`s provisional collection stands at Rs122 billion

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ISLAMABAD - The Federal Board of Revenue (FBR) has provisionally collected Rs 122 billion during the first month (July) of the ongoing financial year 2013-2014.

“FBR has collected Rs 122 billion in July 2013, which is around 14 per cent higher than the collection of Rs 106.9 billion of the corresponding month of the previous year. The revenue collection of July 2013 will increase in the days to come when figures will be finalised”, said Riffat Shaheen Qazi spokesperson of FBR while talking to The Nation on Wednesday. She said that FBR is working actively to achieve the gigantic annual revenue collection target of Rs 2475 billon during the ongoing financial year 2013-2014.

It is worth mentioning here that government has set an unrealistic revenue collection target of Rs 2475 billion for the current fiscal year 2013-2014, which would need growth of 27 percent if compared with collection of Rs 1942 billion of the previous financial year 2012-2013. The FBR officials said that traditionally revenue collection during the first month of fiscal year usually remains low. “The FBR had roughly planned to collect Rs 135 billion during the first month (July) of the current financial year, which might be achieved when figures get finalized”, said an official of FBR wishing not to be named as he was not authorized to talk with edia.  Sources said that FBR has planned to broaden the tax base by bringing non-taxpayers into the tax net. The government has planned to bring 0.5 million potential tax dodgers during the current fiscal year, as FBR identified the rich people by mapping their profiles.

The tax authorities have decided to dispatch 50,000 notices to potential tax dodgers up to September 30 in order to meet the prior conditions of the IMF for obtaining a $5.3 billion bailout package. Similarly, sources said that FBR would eliminate several tax exemptions for additional revenue generation in order to reach the annual tax collection target of Rs 2475 billion, as already committed wit International Monetary Fund (IMF) for $ 5.3 billion bailout package.

Courtesy:  Nation

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