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| June 7, 2005 | Tuesday | Rabi-us-Sani 29, 1426 |
Tax collection target set at Rs690bn
ISLAMABAD, June 6: The government has increased the revenue collection target by 16.9 per cent to Rs690 billion for the fiscal year 2005-6 as against the revised target of Rs590 billion for the year 2004-5. According to budget documents released here on Monday, the government has projected a collection of Rs215.4 billion under the head of direct taxes during the financial year 2005-6 as against the revised target of Rs182.7 billion for the fiscal year 2004-5, showing an increase of 17.89 per cent.
The target for revenue collection under the head of indirect taxes — customs, sales tax and the central excise duty — collected on commodities and transactions has been set at Rs474.6 billion during the year 2005-6, showing an increase of 16.52 per cent as compared to the revised target of Rs407.3 billion for 2004-5.
The break up of direct taxes shows that the government has fixed Rs205.9 billion under the head of income tax during the year 2005-06 as against the revised target of Rs175.4 billion for 2004-5, an increase of 17.38 per cent.
A target of Rs9.5 billion has been set for direct taxes during the year as against the revised target of Rs7.3 billion for the year 2004-05, indicating an increase of 30.1 per cent.
The customs duty collection target has been set at Rs121.2 billion for the year 2005-6 as against the revised target of Rs113.9 billion for 2004-5, an increase of 6.4 per cent.
Sales tax collection target has been fixed at Rs294 billion in the next year’s budget as compared to the revised target of Rs239 billion for 2004-5, showing an increase of 23.01 per cent.
The federal excise duty collection target has been set at Rs59.4 billion for the fiscal year 2005-6 as against last year’s revised target of Rs54.4 billion, indicating an increase of 9.19 per cent.
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