Business, Taxation

Provisional figures: fiscal year 2017 revenue collection stands at Rs 3.39 trillion

The Federal Board of Revenue (FBR) has provisionally collected Rs 3,392 billion during 2016-17 against the revised target of Rs 3,521 billion, reflecting a shortfall Rs 129 billion. According to provisional figures of the FBR till midnight Friday, the tax machinery collected around Rs 3,392 billion so far against the revised tax target of Rs 3,521 billion.

Sources said that the revenue collection would further increase on compilation of final figures. Till finalization of the FBR revenue collection figures, the collection might be further increased by Rs 40 to 70 billion. The FBR may officially release provisional revenue collection figures today (Saturday) as the tax offices remained opened till midnight on Friday. In June 2015-16 FBR collected Rs 465 billion and Rs 381 billion in 2014-15.

The Federal Board of Revenue (FBR) will continue heavily relying upon indirect taxes for achieving the overall fixed target of Rs 4,013 billion for 2017-18, as the FBR will collect Rs 1594.910 billion through direct taxes and Rs 2418.090 billion in shape of indirect taxes.

Breakup of revenue collection target of Rs 4,013 billion for 2017-18 revealed that income tax target has been fixed at Rs 1577.557 billion; customs duty Rs 581.371 billion; sales tax Rs 1605.200 billion and Federal Excise Duty target has been set at Rs 231.519 billion for 2017-18. Through Finance Bill 2017-18, the government took additional revenue measures of Rs 120 billion and provided relief of Rs 32 billion so net addition in the FBR revenue has been projected at over Rs 87 billion in 2017-18.