FBR Surpasses July-August Revenue Collection Target

by Mary Swire, for LawAndTax-News.com

04 September 2008

Pakistan's Federal Board of Revenue (FBR) announced this week that the revenue target of Rs134.8bn for July-August 2008-09 has been surpassed.

According to figures released at the weekend, the provisional tax collection figures indicate cumulative growth of 25.7%.

Net collections during the period are recorded as Rs139.7bn against the Rs111.1bn collected during the same period of last year. Revenue with regard to direct taxes has shown a healthy increase of 29.1%, the FBR revealed, with Rs37.6bn collected, against a previous record of Rs29.1bn.

In addition to this, sales tax collection has reached Rs.65.4bn (against Rs55.1bn), indicating growth of 18.8%.

Tax receipts on account of federal excise registered growth of 74.4% during the period under review, with collections reaching Rs14.7bn, as against Rs8.4bn in the corresponding period of last year.

Finally, revenue from customs duties has increased by 19.0% compared to the corresponding period last year, with net collections of Rs.22bn, against Rs18.5bn last year.

In a statement, the FBR confirmed that: "Provisional collection during the month of August 2008 indicates that an amount of Rs66.9bn has been collected. Of the total taxes, direct taxes has collected Rs18.9bn, sales tax Rs31.9bn, federal excise Rs6.5bn and customs duty Rs9.6bn."

The FBR explained, however, that these figures are provisional, and are likely to increase further at the time of finalization.

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