ISLAMABAD

After achieving its targets in first couple of months (July and August) of the ongoing financial year 2014-15, the Federal Board of Revenue (FBR) has set revenue collection target of Rs 252 billion for the ongoing month of September.

“The FBR’s target for the current month of September is around Rs 252 billion”, said an official of the FBR while talking to The Nation. Meanwhile, he added that tax collection target for the first quarter (July and September) of the ongoing fiscal year is Rs 569 billion.

He informed that FBR has achieved the tax collection targets of the first two months, as it collected Rs 138 billion in July 2014 against the target of Rs 137 billion and accumulated Rs 185 billion in August as compared to the target of Rs 180 billion. “Despite slowdown in economy and ongoing political situation of the country, the tax machinery has been able to achieve the assigned revenue collection targets for the last two months of July and August 2014”, he informed.  Source informed that tax collection has enhanced in the first couple of months of the FY 2014 mainly due to the heavy taxation introduced in the last budget. Therefore, he was optimistic that tax department would achieve the target in the third consecutive month of the present fiscal year.

Meanwhile, the FBR had collected Rs 323 billion during first two months (July and August) of the ongoing financial year 2014-15, which is 11.5 percent of the overall revenue collection target. The government had set a mammoth revenue collection target of Rs 2.81 trillion for the current fiscal year, which is 24 percent higher than the accumulation of the previous year that was Rs 2.26 trillion. The government had introduced fresh taxation measures worth of Rs 231 billion in the budget, as it eliminates tax exemption worth of Rs 103 billion and new taxes worth of Rs 128 billion.

Meanwhile, the FBR had divided the annual target of Rs 2.81 trillion for the current fiscal year in four quarterly targets, as tax collection target first for the first quarter (July-September) is Rs 569 billion, for the second quarter (October-December) Rs 677 billion, for the third quarter (January-March) Rs 681 billion and for the fourth quarter (April-June) is Rs 883 billion.