ISLAMABAD - The Federal Board of Revenue (FBR) has to collect around Rs 1,690 billion during upcoming seven months (December-June) of the current fiscal year 2012-13 in order to meet annual revenue collection target of Rs 2,381 billion, it was learnt.
FBR has to collect Rs 241.429 billion per month in next seven months (December-June) to achieve the yearly tax target Rs 2,381 billion, which looks challenging one to meet without additional revenue generation measures during the ongoing financial year 2012-13. The FBR officials have informed that tax department has provisionally collected Rs 691 billion during the first five months (July-November) of the ongoing financial year 2012-13 that might further increase in the days to come, as revenues collection of the far-flung areas is in the pipeline.
The revenue collection target for the first five months (July-November) was around Rs 779 billion, however the FBR has collected Rs 691 billion in the said period, thus leaving tax collection shortfall at Rs 88 billion.
Meanwhile, the FBR has provisionally collected Rs 140 billion during November 2012 against Rs 124 billion in the corresponding period of last fiscal, reflecting a growth of 12 per cent. “The FBR will generate up to Rs 5 billion in coming days and revenue collection for November 2012 would stand at Rs 145 billion when the figures will finalise”, said an official of FBR while talking to The Nation on Monday.
When asked how would FBR achieve the target keeping in view the massive shortfall, he said that government is introducing new tax amnesties schemes that would generate around Rs 96 billion that would help in reaching the target. Similarly, he said that Rs 24 billion would be generated through regularisation of 0.3 million smuggled vehicles and remaining amount is expected from settlement of past dues through Alternate Dispute Resolution (ADR) mechanism and recovery of arrears.