ISLAMABAD: The Federal Board of Revenue has collected Rs577.337 billion during July-Dec, 2009-10 as against Rs553.833 billion collected during the same period last year, showing an increase of 4.2 per cent.
The revenue collected includes Rs208.594 billion as direct taxes and Rs368.743 billion as indirect taxes.
Asrar Raouf, Member Direct Tax Policy said on Wednesday that the direct taxes this year fell short by 0.8 per cent compared to Rs210.3 billion collected last year.
However, the indirect taxes witnessed a growth of 7.3 per cent when compared with Rs343.497 billion collected last year.
He revealed that during the month of December, 2009, Rs120 billion were collected against the target of Rs125 billion.
He attributed the shortfall on revenue to Ashura incident in Karachi.
Had the tragic incident not occurred the FBR could have realised Rs130 billion, he claimed.
He said that if the advance tax of Rs32 billion is included the total tax collection could exceed Rs600 billion.
He expressed the hope that after the approval of the VAT the country would be able to collect in the first year of implementation an additional amount of Rs150 billion.
However, the International Monetary Fund (IMF) estimates that after the enforcement of VAT, Pakistan would be able to fetch an additional tax amount of Rs400 billion. —APP
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