ISLAMABAD: The Federal Board of Revenue (FBR) has failed to achieve outgoing fiscal year’s target of Rs2.275 trillion, which was already revised twice, and collected Rs2.266tr (a shortfall of Rs8.6bn).
The revenue target was originally set at Rs2.475tr for FY2013-14, but then revised to Rs2.345tr and then to Rs2.275tr. So, considering the budgetary target, the shortfall expands to Rs208.60 billion.
Critics say the failure is mainly because of poor governance and tax compliance issues.
FBR official spokesperson, Shahid Husain Asad, told Dawn the revised target is expected to be achieved after finalisation of the revenue figures in the next couple of weeks.
The tax department has paid an amount of Rs101bn in refund/rebate to taxpayer during 2013-14 as against Rs93.599bn last year, a marginal increase of Rs7.41bn.
This low payment in refund/rebate shows the FBR has withheld rebate/refund to show positive results.
In June 2014 alone, the FBR collected Rs310.080bn as against Rs267.608bn in June 2013, a rise of 15.87 per cent. Tax-wise break-up shows the FBR collected Rs903bn in direct taxes in 2013-1, an increase of 21.47pc over Rs743.409bn last year.
The sales tax collection rose by 24.2pc, reaching Rs1.047tr in FY14 compared to Rs842.528bn last year. This is the highest growth in the sales tax collection.
The federal excise duty collection grew by 39.71pc to Rs169bn in 2013-14 from Rs120.964bn last year.
But the customs collection remained behind the projected target, remaining steady at Rs240bn in 2013-14 as against Rs239.459bn in FY2012-13.—MZK
Published in Dawn, July 2nd, 2014
