Floods affects revenue collections

ISLAMABAD, August 25: The devastating floods are still having serious impact on the overall revenue collection as the Federal Board of Revenue (FBR) has provisionally collected Rs 59 billion up to August 24 as compared to Rs 53 billion collected in the corresponding period last fiscal, reflecting an increase of Rs 6 billion.
The FBR has compiled data of collection for the period up to August 24. The data clearly reflected that the floods have severely impacted the overall revenue collection during first quarter (July-September) 2010-2011. So far, the board has provisionally collected Rs 59 billion up to August 24 as compared to the target of Rs 102.4 billion set for August 2010, reflecting a shortfall of Rs 43.4 billion. The current pace of revenue collection revealed that it would be very difficult for the tax machinery to meet the target of Rs 102.4 billion fixed for August 2010.
The revenue collection is further expected to be improved in coming days following compilation of sales tax and federal excise figures to be deposited along with monthly returns by August 25, 2010.
ENDS.