Revenue target of Rs1.6tr likely next year

ISLAMABAD: The federal government estimates next year’s revenue collection at Rs1.650 trillion and federal development programme at a reduced size of Rs300 billion amid an evasive stance of the International Monetary Fund about remaining instalments of the $11.3 billion package owing to a couple of policy slippages.
Informed sources told Dawn on Wednesday that the ministry of finance was comfortable with the third quarter performance on the fiscal deficit and revenue fronts despite certain slippages in tax targets. Provisional estimates suggest the government has remained within 1.6 per cent deficit target set for the third quarter as revenue collection stood at Rs116 billion last month. This indicates that even though the budgetary target of Rs1.380 trillion may not be achieved, the overall tax collection would reach Rs1.350 trillion by the end of the year against IMF’s original target of Rs1.343 trillion.

FBR collections up 4.2pc in six months

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.

FBR revenue falls short by Rs22.6bn in July-Nov

ISLAMABAD: Federal Board of Revenue (FBR) suffered revenue shortfall of Rs22.6 billion during the first five months (July-Nov) of the current fiscal year, figures compiled for collection of income tax, sales tax and federal excise duty revealed. 
 
Informed sources told Dawn that FBR had targeted to collect Rs173.3 billion in income tax during the period of under review but collected only Rs155.9 billion showing a shortfall of Rs17.4 billion.

VAT draft sent to provinces for consideration

ISLAMABAD: The Federal Board of Revenue (FBR) has sent the draft of the proposed Value Added Tax (VAT) for consideration to the provinces and it would be submitted before the Federal Cabinet for approval by December 31.
 
This was stated by Chairman FBR Sohail Ahmad here Friday, while addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI).