ISLAMABAD, April 30: The Federal Board of Revenue (FBR) has collected Rs755 billion during the first 10 months (July-April) of the current fiscal year raising fears of missing the downward revised target of Rs990 billion for 2007-08.

After having a shortfall of Rs35 billion in revenue collection in the current fiscal year, the finance ministry has formally revised downward the revenue target. For reaching the revised target, the tax officials will have to raise Rs235 billion in May and June.

Official figures released here on Wednesday showed that the revenue collection recorded 15 per cent growth during the period under review over the corresponding period last year. However, for reaching the target this growth must be in the vicinity of 25 per cent in the next two months.

The refunds/rebate paid out to taxpayers stood at Rs53.846 billion against Rs73.019 billion paid during the same period last year, indicating a decline of 26 per cent. This shows that tax collectors or commissioners of income tax have withheld substantial amount of refund/rebate to portray positive performance of their respective collectorates.

An official source told Dawn that around Rs20 billion was also stuck up in the litigation process during the current fiscal year. This means that in case these cases were decided in favour of taxpayers, the money would also be refunded to them.

The tax officials have also raised more than Rs25 billion income tax from the taxpayers through demand, which is expected to reach around Rs40 billion by the end of June, the official said and added that the taxpayers might go into litigation for challenging this raising of revenue through audit.

According to the tax official, this means the payment of withheld refunds as well as the finalisation of the revenue stuck up in the litigation would make the task of the tax officials difficult to reach the revised target.

The break-up of revenue collection showed that the FBR raised Rs281.420 billion as income tax during the July-April period of the current fiscal year against Rs252.880 billion over the corresponding period of last year, indicating a growth of 11.3 per cent.

The revenue collection under sales tax jumped to Rs290 billion during the first 10 months of the current fiscal year against Rs245.791 billion last year, showing a growth of 18 per cent.

The revenue raised as customs duty on imports of goods reached Rs114.042 billion against Rs103.073 billion last year, depicting a growth of 10.6 per cent.

The collection of federal excise duty reached Rs69.521 billion against Rs54.216 billion last year, showing a growth of 28 per cent.