ISLAMABAD, July 16: The revenue collection increased to Rs841.4 billion during the outgoing fiscal year 2006-07 as against the target of Rs835 billion, indicating a growth of 6.4 billion over the target.

Official figures released on Monday by the Federal Board of Revenue (FBR) indicated that the direct taxes collections reached to Rs329.7 billion as against a revised revenue target of Rs318 billion showing an increase of 3.67 per cent.

Similarly, the total sales tax collection was Rs309.6 billion during the year 2006-07 as against a target of Rs311 billion, showing a decline of 0.45 per cent. While the federal excise duty collection was Rs70 billion during the year under review as against a target of Rs70 billion set for the same year.

The customs duty collection remained short of the revised target by Rs1.9 billion as it stood at Rs132.1 billion during the outgoing fiscal year as against the target of Rs134 billion.

An official announcement said that the major cause of shortfall in customs duty collection in last financial year was reduction in dutiable imports. Despite the fact that there was a growth of 8 per cent in overall imports of the country, the dutiable imports declined by 4.1 per cent.

Shortfall in dutiable imports was mainly due to reduction in import of vehicles, which was the result of change in the government’s policy, announced last year. The share of dutiable imports in total has reduced from 61.4 per cent to 54.5 per cent.