FBR given revenue collection target of Rs 3.601trn while LTUs to collect Rs 1.243trn in 2016-17
KARACHI: The federal government has given Federal Board of Revenue (FBR) a new tax collection target of Rs 3.601 trillion in the upcoming fiscal year (2016-17) while the Large Tax-Payer Units (LTUs) will have to collect Rs 1.243 trillion, an inside sources of FBR said here on Monday.
The government has given FBR’s annual tax collection target at Rs 3.601 Trillion in this fiscal year (2016-17) against Rs 3.104 trillion for outgoing year 2015-16, envisaging a revenue growth target by 16 percent for coming financial year.
The government has asked the LTUs to collect Rs 1.243 trillion in the current fiscal year against a previous target of Rs 1.072 trillion which the LTU accomplished its target before a week of closing of last fiscal year.
As per the provisional collection figures, FBR has made a net collection of Rs 3.112 trillion for the year ended 30th June 2016 as against Rs 2.589 trillion collected in the year ending on 30th June 2015 thereby registering a 20 per cent increase over the last year.
In the year ending 30th June 2016, the FBR collected Rs 1.217 trillion as Income Tax showing a growth of 18 per cent over the last year, the collection of Sales Tax in this period was Rs 1.357 trillion with a growth of 19 per cent, Rs 401 billion were collected under the head of Customs Duty thereby giving an increase of over 30 per cent as compared with the last year and Federal Excise Duty to the tune of Rs 192 billion was collected thus reflecting an increase of 11 per cent over the collection for the last year. After deducting the cash refund of Rs 54 billion disbursed during the period the net collection of Rs 3.112 trillion against the assigned target of Rs 3.104 trillion was recorded.
The BSP for 2016-17 had predicted that the FBR tax revenue will be enhanced to Rs 3.735 trillion (20.3 per cent) increase as compared to budget 2015-16 through a combination of tax measures and improved tax administration.