ISLAMABAD, Aug 23: The Federal Board of Revenue (FBR) has raised more than Rs12 billion from new taxation measures taken in the budget of 2006-07.

Official figures released by the FBR showed that the levy of 15 per cent general sales tax in the budget resulted in revenue generation of Rs2.347 billion during 2006-07.

In order to enhance the scope of tax on property, fixed tax on gross income was introduced across-the-board.

An additional collection of Rs334 million from this source has been realised during fiscal year 2006-07.

Following the upward increase in the rate of tax on cash withdrawals from 0.1 to 0.2 per cent, the collection has reached Rs2.3 billion.

The levy of capital value tax (CVT) on investment in real estate generated Rs2.2 billion during the first year of the imposition of the tax.

The break-up reflects that CVT worth Rs1.7 billon was contributed by immovable property, excluding commercial and residential flats while Rs0.5 billion was realised from commercial immovable property.

Only a paltry sum of Rs13 million was fetched from flats during fiscal year 2006-07.

During the budget 2006-07, rates of withholding tax and CVT on business transactions in stock exchanges increased as presented.

The collection improved from Rs2.254 billion in fiscal 2005-06 to Rs2.548 billion in 2006-07 yielding an additional tax revenue of Rs294 million.

Similarly, CVT on the purchase of value of share also increased significantly from Rs1.440 billion in fiscal year 2005-06 to Rs2.239 billion in fiscal year 2006-07 with additional revenue of around Rs800 million.

Therefore, the overall collection from stock market activities resulted in an additional tax of about Rs1.1 billion during the year 2006-07.