Thursday, January 07, 2010
ISLAMABAD: The Federal Board of Revenue has collected revenues amounting to Rs577.337 billion during first-half of the current financial year, as against Rs553.833 billion collected during the same period of last year, showing an increase of 4.2 per cent.
The revenue collections in July-December included Rs208.594 billion as direct taxes and Rs368.743 billion as indirect taxes, Asrar Raouf, Spokesman for the FBR and Member Direct Tax policy, told APP on Wednesday.
He said that as compared with Rs210.336 billion direct taxes collected during last year, the collection during the current witnessed a negative growth of 0.8 per cent.
However, the indirect taxes witnessed a positive growth of 7.3 per cent when compared with the collections of Rs343.497 billion in last year, Raouf added.
He said that during December of the current financial year provisionally Rs120 billion have been collected against the target of Rs125 billion.
Had the Karachi Ashura incident not occurred, the FBR could have realised Rs130 billion against the target of Rs125 billion for the month of December, he remarked.
He said that if the advance tax of Rs32 billion is included in the total tax collection it could exceed Rs600 billion.
Replying to a question, he said that draft value-added tax (VAT) has been submitted to parliament for approval.
He expressed the hope that after the approval of VAT, the country could be able to collect in the first year of implementation an additional amount of Rs150 billion.
However, he said that International Monetary Fund says, that after the implementation of VAT, Pakistan would be able to fetch an additional tax collection of Rs400 billion.
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