News Paper: Business Reorder
ISLAMABAD (July 26 2010): Ministry of Finance has not revised the ambitious revenue collection target of Rs 1,667 billion for the Federal Board of Revenue (FBR), as the tax authorities have dispatched an annual collection plan (2010-2011) to the concerned FBR members for meeting the monthly and quarterly targets set for current fiscal under the new strategy to focus on priority areas including new registrations with the income tax and sales tax departments.
The annual revenue collection plan disclosed that 20 percent of the total revenue collection target has to be achieved during the first quarter (July-September) of 2010-2011. During the second quarter (October-December) of 2010-2011, the tax machinery would have to collect 22.9 percent of the total revenue collection target. The FBR has to collect 26.8 percent of total revenue collection target during third quarter (January-March) of current fiscal. Over and above 30.2 percent of the total tax projections has to be collected during the fourth quarter (April-June) of 2010-2011.
Sources told Business Recorder here on Sunday that the FBR has fixed Rs 335.9 billion as revenue collection target for first quarter (July-September) of 2010-2011. Out of Rs 335.9 billion, the monthly target for July 2010 has been fixed at Rs 90.1 billion; Rs 102.4 billion for August and Rs 143.4 billion has been set for September 2010.
The FBR has directed the field formations to collect Rs 381.5 billion during the second quarter (October-December) 2010-2011. Break-up revealed that target of Rs 104.3 billion has been set for October 2010; Rs 118.1 billion November and Rs 159.1 billion target has been set for December 2010.
The FBR annual revenue collection plan further revealed that the field formations have to collect Rs 446.1 billion in the third quarter (January-March) of the current financial year. The details of the target set for third quarter disclosed that the tax machinery has to collect Rs 129.7 billion in January 2011; Rs 137.7 billion February and Rs 178.7 billion during March 2011.
The FBR has fixed Rs 503.5 billion as revenue collection target for the fourth quarter (April-June) of 2010-2011.
Break-up revealed that target of Rs 137 billion has been fixed for April 2011; Rs 142.8 billion for May and Rs 223.7 billion has been set as revenue collection target for June 2011.
The quarter-wise tax projections set for 2010-2011 showed that the total amount of revenue collection target comes to Rs 1667 billion which is the original target set by the government for the FBR in budget (2010-2011). So far, the Finance Ministry has yet not revised downward the annual target of the FBR. The quarterly tax projections have been communicated to all FBR members including Members Domestic Operations (North/South).
Sources said that the revenue projections have been based on 16 percent estimated growth during current fiscal. The measures and actions planned for achieving the revenue collection target included effective audit, recovery of outstanding and current demands and arrears. The enforcement plan included registrations of new taxpayers with the income tax and sales tax departments. The reduction in the overall number of non-filers, stop-filers and short-filers of income tax and sales tax/federal excise returns would remain as one of the priority areas for meeting the revenue target, FBR added.
The annual revenue collection plan disclosed that 20 percent of the total revenue collection target has to be achieved during the first quarter (July-September) of 2010-2011. During the second quarter (October-December) of 2010-2011, the tax machinery would have to collect 22.9 percent of the total revenue collection target. The FBR has to collect 26.8 percent of total revenue collection target during third quarter (January-March) of current fiscal. Over and above 30.2 percent of the total tax projections has to be collected during the fourth quarter (April-June) of 2010-2011.
Sources told Business Recorder here on Sunday that the FBR has fixed Rs 335.9 billion as revenue collection target for first quarter (July-September) of 2010-2011. Out of Rs 335.9 billion, the monthly target for July 2010 has been fixed at Rs 90.1 billion; Rs 102.4 billion for August and Rs 143.4 billion has been set for September 2010.
The FBR has directed the field formations to collect Rs 381.5 billion during the second quarter (October-December) 2010-2011. Break-up revealed that target of Rs 104.3 billion has been set for October 2010; Rs 118.1 billion November and Rs 159.1 billion target has been set for December 2010.
The FBR annual revenue collection plan further revealed that the field formations have to collect Rs 446.1 billion in the third quarter (January-March) of the current financial year. The details of the target set for third quarter disclosed that the tax machinery has to collect Rs 129.7 billion in January 2011; Rs 137.7 billion February and Rs 178.7 billion during March 2011.
The FBR has fixed Rs 503.5 billion as revenue collection target for the fourth quarter (April-June) of 2010-2011.
Break-up revealed that target of Rs 137 billion has been fixed for April 2011; Rs 142.8 billion for May and Rs 223.7 billion has been set as revenue collection target for June 2011.
The quarter-wise tax projections set for 2010-2011 showed that the total amount of revenue collection target comes to Rs 1667 billion which is the original target set by the government for the FBR in budget (2010-2011). So far, the Finance Ministry has yet not revised downward the annual target of the FBR. The quarterly tax projections have been communicated to all FBR members including Members Domestic Operations (North/South).
Sources said that the revenue projections have been based on 16 percent estimated growth during current fiscal. The measures and actions planned for achieving the revenue collection target included effective audit, recovery of outstanding and current demands and arrears. The enforcement plan included registrations of new taxpayers with the income tax and sales tax departments. The reduction in the overall number of non-filers, stop-filers and short-filers of income tax and sales tax/federal excise returns would remain as one of the priority areas for meeting the revenue target, FBR added.
-www.brecorder.com
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