ISLAMABAD, June 26: The Federal Board of Revenue collection target is depending on the collection of Rs25 billion on services by the Sindh Revenue Board (SRB), a senior official told Dawn on Tuesday.
Under the 7th NFC Award, the Sindh government has started collection of sales tax on services since July 2011, but the same was also projected in the total revenue collection target of the FBR.
The FBR is collecting sales tax on behalf of Punjab, Balochistan and Khyber Pakhtunkhaw.
A senior tax official said that the SRB had so far collected Rs21 billion as against the target of Rs25 billion projected for the year 2011-12.
“We are expected that the remaining Rs4 billion will also be collected in the next four days”, the official added.
The government has projected Rs1,952 billion revenue target for the outgoing fiscal year.Member Inland Revenue Service (IRS) Shahid Husain Asad told Dawn that the SRB collection was part and parcel of the FBR revenue collection target. He said that sales tax collected so far by the province had been included in the FBR revenue.Mr Asad said that FBR received an amount of Rs3 billion under the tax amnesty scheme until June 25. This amount was received from defaulting taxpayers of income tax, sales tax and federal excise duty.
The FBR in May received Rs10 billion which prompted it to extend the facility for another month but the extension in the facility did not yield the desired results.
“We were expecting Rs15 billion to Rs20 billion under the amnesty scheme in the month of June”, the member IRS said. The FBR is striving hard to collect more taxes by extending every facility including amnesty schemes to pocket extra billions.
FBR spokesperson Riffat Shaheen Qazi in a statement issued here on Tuesday said that in a bid to facilitate the trade and business community, FBR has decided to further extend the date for payment of taxes/duty and filing of sales tax and federal excise returns for the tax period May 2012, up to June 30 for all registered persons.