ISLAMABAD - The Federal Board of Revenue (FBR) has to collect Rs 320 billion in just 30 days period to achieve the challenging annual revenue collection target of Rs 1,952 billion set for the outgoing financial year 2011-2012, which is unlikely to be achieved.
Shahid Hassan, Member Inland Revenue FBR, told the media that tax department has collected Rs 1,631 billion during the eleven months (July-May) of the outgoing fiscal year, which is 25 per cent higher than the collection of Rs 1,320 billion of the same period of the last year 2010-2011. He informed that Rs 21 billion collected by the Sindh Revenue Board (SRB) is also included in the overall collection of Rs 1631 billion in July-May period of the year 2011-2012.
He further informed that FBR has collected Rs 182 billion only in the month of May 2012, wherein Rs 10 billion is additional collection through amnesty scheme announced by the government last month. FBR has to collect an uphill target of Rs 320 billion in the last month (June) of the outgoing financial year to meet the annual collection target of Rs 1952 billion. However, sources said that FBR is most likely to miss the revenue collection target by some Rs 30 billion, as according to the estimates it could collect around Rs 1920 billion by the end of June 2012.
Federal Minister for Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh hinted that FBR could collect over Rs 1900 billion revenue during the outgoing financial year, as in his post-budget press conference, he did not say that Rs 1952 billion target would be achieved by the end of June 2012. However, the Finance Minister appreciated the FBR performance in the so far period of the outgoing fiscal year.
Chairman Federal Board of Revenue Mumtaz Haider Rizvi has informed the media that FBR had issued notices to 5,63,000 non-taxpayers in the so far period of the outgoing financial year, as Rs 3.5 billion tax has been collected from 40,000 among 5,63,000.
Meanwhile, the government has also set an unrealistic revenue collection target of Rs 2381 billion in the budget for the next fiscal year 2012-2013.