Federal Board of Revenue to collect Rs54 billion in payable taxes within five days
Sunday, January 29th, 2012 5:58:07 by Wajahat Javed
Federal Board of Revenue to collect Rs54 billion in payable taxes within five days
Saturday, January 28, 2012: The Federal Board of Revenue (FBR) is stuck with an uphill task of collection Rs54 billion payable in taxes within next five days to meet the requirements of first half. If the tax collecting institution
fails to gather the amount within the stimulated time the gap between the countries income and expenses will widen.
The FBR needs to accumulate Rs54 billion more to meet the Rs140 billion target that they set for the month of January, 2012. At current point of time, Federal Board of Revenue needs another Rs22 billion to meet the figures it had
in January 2011.
FBR has so far collected Rs86.5 billion in taxes by January 26, Rs391 million (0.4 percent) less than the corresponding period of last year. Of the collected amount, direct taxes make up Rs20.1 billion. This amount is Rs5.5 billion
(21.6 percent) less than the same month last year.
The current fiscal-year (July 2011- Jun 2012) has witnessed FBR meeting its targets, January is the first month in the current fiscal year in which tax collection has gone onto the negative zone. However, these are provisional
figures and are likely to increase in coming days.
FBR has set a target of Rs1,952 billion for the current fiscal year 2011-12. Till date the Federal Board of Revenue has amassed Rs927.2 billion in taxes. The collected amount is higher by 23.9 per cent compared to the corresponding
period of last year.
As per estimates, the budget deficit of Pakistan stands at Rs995 billion (4.7 per cent of total size of national economy) and if FBR fails to meet its target the deficit will rise even more halting the growth of the country.
Apart from collection of unpaid taxes, FBR is also stuck with the dilemma of finding a chairman, as the institute has been run on ad hoc basis by Mahmood Alam, Member Strategic Planning, since Salman Siddique retired from the post
on January 20.
Short URL: https://www.newspakistan.pk/?p=10914
Posted by Wajahat Javed
on Jan 29 2012. Filed under Business, Pakistan.
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