FBR collects Rs3.09 trillion, set to exceed target for FY16

[farhan_9909]

ISLAMABAD: Pakistan’s tax authority on Thursday claimed to have crossed the Rs3 trillion mark in revenue collection and is all set to achieve the original budgetary target for the outgoing fiscal year.

The 2015-16 is the first year in the three-year rule of the PML-N when the budgetary projected revenue target would be met. The trend gave the government confidence not to revise down the revenue collection projection.

The FBR collected a provisional revenue of Rs3.090 trillion in the outgoing fiscal year as against Rs2,589.2bn collected during the same period last year, reflecting an increase of 19.31 per cent.

The government has projected the revenue target of Rs3,103.7bn in budget 2015-16.

Heavy reliance on regulatory duties and withholding taxes has helped the FBR raise the size of collection during the outgoing fiscal year.

An official source told Dawn that more than Rs22bn revenue is already in the system, which will be cleared late night.

The revenue collection, the official said will cross the figure of Rs3,112bn when the figures will be finalised tomorrow. This means the budgetary revenue collection target of the year 2015-16 will be surpassed by over Rs8bn, the official said.

A tax official said the data is provisional and that revenue collection will go up after finalisation of the figures. “We are still collecting and compiling information from various banks and the State Bank regarding deposits of taxes,” the official said, requesting anonymity.

The deadline for the payment of duty and taxes was 10:00pm on June 30 across the country, the official added.

Tax wise break-up showed that revenue collection has witnessed growth in income tax, sales tax and federal excise duty. The growth is higher in income tax followed by sales tax on imports.

On the customs side, the collection is also going up and expected to cross the figure Rs400bn when the figures were finalised till late night.

The collection of original budget revenue target will help the government to meet the expenditures and avoid ballooning fiscal deficit. The tax-to-GDP ratio will go up to 10.1pc in the outgoing fiscal year from 9.4pc in the previous year.

Published in Dawn, July 1st, 2016

http://www.dawn.com/news/1268247/fbr-collects-rs309-trillion-set-to-exceed-target-for-fy16

 

[volatile]

Is the refunds accounted for in this figure ?

 

[I FLY HIGH]

It is a burnol and ice time for some trolls , never mind, it is a great news for Pakistan that our tax collection has risen by 60 % in the last 3 years.

 

[Pandora]

Just 8 Billion above? Sounds like fudged data as it wont be the first time.

 

[Kabira]

It is a burnol and ice time for some trolls , never mind, it is a great news for Pakistan that our tax collection has risen by 60 % in the last 3 years.

At this rate Pakistan tax collection should cross Rs 5 trillion by 2019.

 

[Danish saleem]

its wrong figure,
i am a tax consultant, and government not issued refunds from Oct 2015, means, that the files of refund processed in the Month of Oct 2015, and RPO issued, but chaque still pending from Oct 2015, which is the worst performance i witness from last 10 years of FBR.

Now from Jan 2016, u have to give bribe of Rs: 20000 and Above if u want to get register in Sales Tax department,
for Audit of Sales Tax rates starting from Rs:50000 Per year.
For WHT audit, rates starting from Rs:30000
and for processing of your refund files Rates are around 15% of refund amount.

Pakistan is the only country in the world, where Tax Payer have to give Bride for getting register, and then have to give bribe every year if you are paying taxes.

 

[Winchester]

More than 5000 people booked the new model of Honda Civic.....why doesn't the FBR check how many of these folks pay any income tax???

Infact just go through the enrollment record of Beacon House, Roots, GSIS and find out if the parents are in the tax net !

 

[Danish saleem]

More than 5000 people booked the new model of Honda Civic.....why doesn't the FBR check how many of these folks pay any income tax???

Infact just go through the enrollment record of Beacon House, Roots, GSIS and find out if the parents are in the tax net !

Brother,

as a small student of tax matters, i dont think that will be the good move, because when these cars delivered, WHT income tax and WHT s/tax will also recovered at the time of sale of car, and if government started looking into the matters, of bookers, then people dont book the cars, and government revenue will decrease.

 

[Winchester]

Brother,

as a small student of tax matters, i dont think that will be the good move, because when these cars delivered, WHT income tax and WHT s/tax will also recovered at the time of sale of car, and if government started looking into the matters, of bookers, then people dont book the cars, and government revenue will decrease.

We have a huge problem with regards to direct taxation....the govt. covers the gap up with indirect taxes that mostly hurt the poor.

Hundreds of thousands of rich upper-upper middle class Pakistanis are getting away with robbery...How do you suppose we bring them into the tax net?

 

[Danish saleem]

We have a huge problem with regards to direct taxation....the govt. covers the gap up with indirect taxes that mostly hurt the poor.

Hundreds of thousands of rich upper-upper middle class Pakistanis are getting away with robbery...How do you suppose we bring them into the tax net?

brother,

its now our in habits, so if suddenly government start taking action on that then , panic will create in economy , which will never fruit full. Pakistani economics have its own dynamics, and i think present government stragedy for Non fillers, is very good one and also very effective as well.

 

[shah1398]

The collection of original budget revenue target will help the government to meet the expenditures and avoid ballooning fiscal deficit. The tax-to-GDP ratio will go up to 10.1pc in the outgoing fiscal year from 9.4pc in the previous year.

Really want to see this happening and looking forward to bring in the big fish in tax net asap. Nonetheless Good Job .