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Rs60b shortfall in 5 months: FBR sets Rs286b revenue target for Dec

Rs60b shortfall in 5 months: FBR sets Rs286b revenue target for Dec

ISLAMABAD: Federal Board of Revenue (FBR) has set Rs286 billon revenue collection target for the current month of December 2014, amid the Rs60 billion revenue collection shortfall.

FBR has collected Rs900 billion from July to November during the ongoing financial year against the target of Rs960 billion leaving shortfall.

Sources said that FBR could not meet the first half target (July-December) of Rs1,246 billion and decreasing petroleum prices would cut the import bill; but the tax collection would considerably reduced.

The National Assembly set Rs2.81 trillion-revenue collection target for the current fiscal year 2014-15 following desires of the IMF, which is higher than the collection of previous. The break-up of Rs 286 billion showed that FBR has set income tax collection target at Rs 143 billion, General Sales Tax collection at Rs 105 billion, Federal Excise Duty collection at Rs 12 billion and Customs Duty collection target at Rs 26 billion for the ongoing month of December.