ISLAMABAD - The Federal Board of Revenue (FBR) is most likely to miss annual revenue collection target of Rs 1,952 billion by some Rs 30-40 billion during the outgoing financial year 2011-12, a FBR official told The Nation on Wednesday on the condition of anonymity.
It might be mentioned here that FBR has provisionally collected Rs 1,800 billion till June 25 of the outgoing fiscal year, which is 23 per cent higher than the collection of Rs 1,465 billion in the same period of the last fiscal year 2010-11. However, FBR has to collect Rs 152 billion in just six days period to reach the annual tax collection, which according to the FBR officials even impossible to achieve.
On the other hand, FBR has extended the tax amnesty schemes until June 30 to facilitate defaulters taxpayers to deposit principal revenue in a view to fetch additional billion of rupees to reach the annual target. The Federal Board of Revenue has collected Rs ten billion additional through tax amnesty schemes announced last month.
The amnesty schemes were announced for all four federal taxes including income tax, sales tax, federal excise duty and custom duty.
The Planning Commission of Pakistan has already projected in its annual report that Federal Board of Revenue would collect only Rs 1,921 billion in the outgoing financial year 2011-12 thus recording a shortfall of 1.6 per cent of the target of Rs 1,952 billion. State Bank of Pakistan had also projected that Federal Board of Revenue would miss the revenue collection target.