ISLAMABAD: Federal Board of Revenue (FBR) has witnessed revenue shortfall of Rs35 billion in July-October period of the current fiscal year as FBR collected Rs635 billion against the target of Rs670 billion.
According to sources, the revenue collection has crossed Rs635 billion during first four months of this fiscal year against Rs546 billion during the corresponding period of last year, witnessing growth of Rs89 billion.
The IMF has projected that annual collection would be near Rs2380 billon against the target of Rs2475 billion, with a shortfall of Rs95 billion. While, the State Bank of Pakistan also projected a revenue collection of Rs2,367 billion for 2013-14.
The monthly revenue collection in July 2013 was Rs123 billion against the target of Rs131.8 billion, reflecting a shortfall of Rs8.8b. Shortfall in August fell to Rs1.6 billion as revenue collection reached Rs148 billion against the target of Rs149.6 billion.
The shortfall in collection rebounded in September as it stood at Rs203 billion against the target of Rs229 billion for the same month, reflecting a shortfall of Rs26 billion.
The revenue collection during October 2013 stood at Rs156 billion against target of Rs165 billion, reflecting a shortfall of Rs9 billion. The provisional collection in October 2013 was Rs156 billion against Rs142 billion during the same period of previous fiscal, showing an increase Rs14 billion.
In first quarter (July-September) of 2013-14, provisional collection was Rs448.4 billion against target of Rs 510.4 billion. The revenue collection would improve on compilation of final figures in coming days, sources said.
FBR’s spokesperson Shahid Husain Asad said that revenue collection under the head of income tax and sales tax observed a significant increase during the first four months of the current fiscal year over last year.
He, however, said that customs collection fell because of decline in import of dutiable imports during the month under review. He said import bill is mostly confined to oil products while import of other items declined significantly.