ISLAMABAD - Finance Ministry on Friday explained that Federal Board of Revenue’s receipts were estimated as Rs.2,475 billion for the current year, which are based on revised projected receipts of Rs 2050 billion for last fiscal year.
However, FBR collected Rs 1,946 billion in the last fiscal year instead of the target of Rs 2,050 billion so the base effect resulted into shortfall. FBR has achieved over 17pc growth in revenue collection against a growth of 3pc in the same period of the previous fiscal year.
In a response to news published in The Nation that Finance Minister Senator Mohammad Ishaq Dar has “admitted failure” in achieving budgeted revenue collection of Rs.2475 billion for the current fiscal year and revised it to Rs 2345 billion, the ministry said, “Finance Minister has always stated that Rs.115 billion has been allocated as lump sum to PSDP which are contingent upon budgeted receipts of FBR. This amount was not allocated to any project and, therefore, question of  slashing  PSDP from Rs. 540 billion to Rs. 425 billion does not arise. Provinces are already aware of this development”.