June 12, 2008	Thursday	Jamadi-us-Sani 07, 1429

ISLAMABAD, June 11: The government has increased the revenue collection target by 24.5 per cent to Rs1,251.46 billion for the financial year 2008-09 from this year’s revised target of Rs1,005 billion.

According to budget estimates for 2008-09, Rs496 billion has been projected under the head of direct taxes, against the revised target of Rs388 billion for 2007-08, an increase of 27.7 per cent.

The collection under the head of indirect taxes -- customs, sales tax and federal excise -- on commodities and transactions has been projected to increase by 22.37 per cent to Rs755.46 billion, against the revised target of Rs617.319 billion this year.

The tax-wise break-up of direct taxes shows that Rs477 billion will be collected under the head of income tax, against the downward revised target of Rs367.3 billion set for 2007-08, showing an increase of 29.8 per cent.

The original target of income tax for the outgoing fiscal year was Rs388 billion.

The government has fixed a target of Rs19 billion to be collected under other heads of direct taxes, against the revised target of Rs20.950 billion for 2007-08, indicating a decline of 9.3 per cent.

The customs duty collection target has been projected to increase by 14.86 per cent to Rs170 billion, against the revised target of Rs148 billion and original target of Rs154 billion for 2007-08.

The collection under the head of sales tax has been projected to increase by 25.86 per cent to Rs472 billion, against Rs375 billion this year.

The federal excise collection has been projected at Rs112 billion, compared to Rs92 billion this year, showing an increase of 21.7 per cent. The federal excise target for 2007-08 has been revised to Rs92 billion from Rs91 billion.