ISLAMABAD, Jan 20: The revenue collection on cash withdrawals from banks, sales purchase of stocks and income from property has recorded more than 50 per cent growth during the first quarter of the current fiscal year over last year.

Official figures released here on Saturday by the Central Board of Revenue (CBR) indicated that the collection of withholding tax on cash withdrawal from banks reached Rs1,110.8 million during the first quarter of the current fiscal as against Rs380 million over the same period of the last year, showing an increase of around 192 per cent growth.

The collection from withholding tax on stocks has also increased to Rs510.9 million during the period under review from Rs331 million in the previous year, showing a growth of 54.3 per cent.In the federal budget 2006-07, the withholding tax rate on cash withdrawal was increased from 0.1 to 0.2 per cent. Similarly, the tax deduction on stock exchange was raised from 0.005 per cent to 0.01 per cent. With this change in rates, collection also doubled from these sources in the first quarter.

The collection from rental income has increased to Rs107 million during the first quarter of the current fiscal from Rs60 million during the same quarter last year with a raise of Rs47 million.

The government in the last budget introduced a fixed tax of 5 per cent on gross income across the board.