ISLAMABAD - The Federal Board of Revenue (FBR) has collected Rs 840.7 billion in the first half (July-December) of the ongoing financial year 2011-12, which is 27 per cent higher than the collection in same period last year 2010-11, reveal the latest revenue figures on Sunday.
According to the official figures of the Federal Board of Revenue released on Sunday, the government has collected Rs 840.7 billion during July-December 2011-12 period against 661.7 billion of July-December 2010-11, which showed handsome growth of over 27 per cent in one year. According to the provisional figures, the FBR through casher-porting system has collected Rs 201.7 billion during the month of December 2011 against the Rs 161 billion of the same month last year.
The FBR officials believed that they could achieve the revenue collection target of Rs 1,952 billion during the current fiscal year keeping in view the performance of the first half of the year 2011-12. “The government is likely to achieve the revenue collection target set for the current fiscal year and there is no need to take additional revenue generation steps in this regard”, said a senior official of FBR while talking to The Nation on Sunday.
He further said that FBR is working to expand the tax base of the country by bringing non-taxpayers into the tax net. The FBR has already issued notices to some 2,50,000 non-taxpayers and it would issue notices to further non-taxpayers in the remaining months of the current financial year, he added. It might be recalled here that government had traced 7,00,000 non-taxpayers, who are enjoying luxury life but not paying taxes.
Apart from bringing non-taxpayers into the tax net, the government had eliminated tax exemptions on several commodities and sector in March 2011 and some steps taken in the annual budget 2011-12.