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Difference of tax receipts between FBR and SBP stands at Rs16099.93m

Difference of tax receipts between FBR and SBP stands at Rs16099.93m

ISLAMABAD: Variation in the figures of tax receipts (net) of direct and indirect taxes between the Federal Board of Revenue and the State Bank of Pakistan is Rs16099.93million.

The lapse was pointed out after the scrutiny of the record of the State Bank of Pakistan maintained by Main Office, Karachi, and Director Research and Statistics, Federal Board of Revenue. As per reconciliation statement at the micro level for and up to the month of June (Final) 2017 revealed that there was a variation of Rs16099.93million between the Federal Board of Revenue reconciled figures and the State bank of Pakistan figures.

Under the head of taxes on Income, collection figures of the State Banks showed Rs1185726.93million while collection figures of the Federal Board of Revenue reflected Rs1194113.00million and the difference is Rs8386.09million.

Likewise under the head of customs collection figures, the Federal Board of Revenue posted Rs439884.48million million while collection figures of the Federal Board of Revenue are Rs404572.00million and difference is of Rs35312.48million. Under the head of Sales Tax collection of revenue, figures of the State Bank of Pakistan are Rs1310876.67million while collection figures of the Federal Board are Rs1320264.00million and the difference is Rs9387.33million.

Under the head of Federal Excise Duty, collection figures of the State Bank of Pakistan are Rs186615.87million and collection figures of the Federal Board of revenue are Rs188055.00million. So the difference is Rs1439.13million. The ministry of finance has instructed the director research and statistics FBR that he should carry out reconciliation at the national level with the State Bank of Pakistan Head Office, Karachi, so that real picture of revenue collection could be presented to the stakeholders.