ISLAMABAD - The Federal Board of Revenue (FBR) has provisionally accumulated Rs 279 billion during first two months (July and August) of the ongoing financial year 2013-14.
“Federal Board of Revenue has provisionally collected Rs 279 billion during July-August period of the current fiscal year that may increase in next few days when figures compiled”, said Riffat Shaheen Qazi, official spokesperson of FBR while talking to The Nation on Monday. However, she did not share the target of two months (July and August), as she said, “FBR set quarterly revenue collection target not monthly targets”.
Meanwhile, sources said that FBR has set Rs 286 billion revenue collection target for the first two months (July-August) of the ongoing fiscal year, which might be achieved when final figures of revenue collection compiled. Sources further said that final figures of revenue collection are likely to be finalised in next three to four days. The collection would go beyond Rs 279 billion after obtaining revenue data from far-flung areas and reconciliation of revenue receipts, he added. The FBR has provisionally collected Rs 279 billion during the first two months of 2013-14 against Rs 177 billion in the corresponding period of last fiscal year showing an increase of around 57 percent in one year. Meanwhile, FBR has collected Rs 145 billion during the month of August.
The healthy growth in first two months of current financial year 2013-14 is mainly due to heavy taxation measures worth of Rs 200 billion taken in budget. The FBR has to collect an uphill revenue collection target of Rs 2474 billion during the current financial year 2013-14, which is 28 percent higher than the collection of previous fiscal year 2012-13 that was Rs 1936 billion.
However, chairman FBR Tariq Bajwa other day showed his commitment to achieve this revenue collection target, what he termed a ‘challenging target’.