ISLAMABAD, April 14 : The tax authorities have set Rs150.3 billion target for the forth quarter (April-June) aimed at realising Rs460.6 billion target for 2002-03.
Official sources told Dawn on Monday that for the first time, the revenue targets set for the first three quarters of fiscal year 2002-03 were achieved easily without any downward revision.
The CBR has collected Rs310.3 billion during the July-March period against the target of Rs310 billion.
The break up of the forth quarter showed that the tax authorities would have to collect Rs38.5 billion in April 2003 against Rs36.314 billion collected during the same month last year, showing an increase of 6 per cent.
For May 2003, the tax officials have set Rs46.9 billion target against Rs37.438 billion collected during the same month last year, indicating an increase of 25.2 per cent.
For June, the tax authorities would have to collect Rs65.2 billion against Rs60.329 billion collected during the same month last year, showing an increase of 8 per cent.
Tax wise break up showed that the tax authorities would have to collect Rs47.4 billion under the head of direct taxes, Rs66.8 billion under sales tax, Rs22 billion under customs and Rs14.3 billion under central excise duty.
Official sources told Dawn that due to the current crisis in the Middle East and its follow up, it was feared that revenue collection from major revenue spinners would witness decline in the fourth quarter.
According to the officials, the other areas where the chances of decline in revenue were imminent included hotel industry, airlines and hoarding of money.
The officials said that if the growth in other economic sectors were not maintained, there was chances that CBR would not achieve the revenue target of Rs460.6 billion during the current financial year.
