ISLAMABAD, July 16: The Central Board of Revenue (CBR) has projected Rs151.4 billion as revenue collection target for the first quarter (July-September) of the fiscal year 2005-06 as against Rs110 billion projected for the same period last year, an increase of 37.63 per cent over the last year.

Official data available with Dawn showed that tax officials were confident of achieving the target in view of 8 per cent growth in economy, high inflation and massive increase in dutiable imports.

The break up of the first quarter showed that CBR projected Rs37.8 billion to be collected in July as against Rs30.4 billion during the same month last year, an increase of 25.6 per cent. Of these, Rs8.3 billion to be collected under income tax, Rs19.2 billion under sales tax head, Rs3.4 billion as central excise duty (CED) and Rs6.9 billion under the head of customs duty.

For the month of August 2005, tax authorities projected Rs42 billion as against Rs36.5 billion during the same month last year, indicating an increase of over 15 per cent. During the month under review, an amount of Rs8.8 billion would be raised as income tax, Rs20.8 billion from sales tax, Rs4.3 billion from CED and Rs8.1 billion from customs duty.

While in September 2005, Rs71.6 billion would be collected as against Rs43.1 billion during the same month last year, showing an increase of 66 per cent. The monthly break up showed that CBR would raise Rs34.1 billion as income tax, Rs24 billion as sales tax, Rs4.7 billion as CED and Rs8.8 billion as customs duty.

The CBR has projected Rs146 billion as revenue collection target for the second quarter (October-December) of the fiscal year 2005-06 as against Rs140.1 billion, an increase of 4.21 per cent. Of these, Rs48.2 billion would be collected in October 2005, Rs47.6 billion in November and Rs50.2 billion in December.

For the third quarter (January-March) 2005-06, the target was fixed at Rs168 billion as against Rs145.8 billion during the same period of the last year, indicating an increase of 15.2 per cent. During the quarter under review, tax officials raised Rs50.3 billion in January 2006, Rs46.6 billion in February and Rs71.1 billion in March.

The fourth and final quarter (April-June) of 2005-06, Rs207.6 billion have been projected as target as against Rs184.1 billion during the same period of the last year, showing an increase of 12.76 per cent. Of these, Rs59.3 billion would be collected in April 2006, Rs56 billion in May and Rs92.3 billion in June.