Finance Minister Asad Umar has been informed by the Federal Board of Revenue on Thursday that FBR is facing a shortfall of Rs 60 billion during the first four months (July-October 2018-19), as provisional collection during July-October current fiscal year stood at Rs 1,106 billion against target of Rs 1,166 billion.
On Thursday evening, Finance Minister Asad Umar visited FBR House where he was briefed on revenue collection position, reforms and track and trace system for excisable commodities. FBR Chairman Mohammad Jehanzeb Khan and members briefed Asad Umar on the overall revenue collection position and measures to increase collection during 2018-19.
Tax authorities informed the finance minister that revenue collection target for the month of October 2018 was set at Rs 315 billion. Against the assigned target, the monthly collection amounted to Rs 270 billion, reflecting a shortfall of Rs 45 billion. In September 2018, the FBR has witnessed shortfall of Rs 15 billion. Therefore, the accumulative shortfall in first four months (July-October) of the fiscal year 2018-19 totalled at Rs 60 billion.
The FBR had provisionally collected over Rs 836 billion during the first quarter (July-September) of 2018-19 against assigned revised revenue target of Rs 851 billion during the first quarter, reflecting a shortfall of Rs 15 billion.
The FBR also informed Asad Umar that the tax machinery is facing an uphill task to meet the ambitious revenue collection target of Rs 1,115 billion in the second quarter (October-December) of 2018-19.
The FBR has suffered shortfall of Rs 15 billion during the first quarter (July-September) of 2018-19. The tax projections of Rs 1100 billion for second quarter plus shortfall of Rs 15 billion in the first quarter of 2018-19 would require FBR to collect Rs 1,115 billion during the second quarter (October-December) of 2018-19.
Business Recorder
On Thursday evening, Finance Minister Asad Umar visited FBR House where he was briefed on revenue collection position, reforms and track and trace system for excisable commodities. FBR Chairman Mohammad Jehanzeb Khan and members briefed Asad Umar on the overall revenue collection position and measures to increase collection during 2018-19.
Tax authorities informed the finance minister that revenue collection target for the month of October 2018 was set at Rs 315 billion. Against the assigned target, the monthly collection amounted to Rs 270 billion, reflecting a shortfall of Rs 45 billion. In September 2018, the FBR has witnessed shortfall of Rs 15 billion. Therefore, the accumulative shortfall in first four months (July-October) of the fiscal year 2018-19 totalled at Rs 60 billion.
The FBR had provisionally collected over Rs 836 billion during the first quarter (July-September) of 2018-19 against assigned revised revenue target of Rs 851 billion during the first quarter, reflecting a shortfall of Rs 15 billion.
The FBR also informed Asad Umar that the tax machinery is facing an uphill task to meet the ambitious revenue collection target of Rs 1,115 billion in the second quarter (October-December) of 2018-19.
The FBR has suffered shortfall of Rs 15 billion during the first quarter (July-September) of 2018-19. The tax projections of Rs 1100 billion for second quarter plus shortfall of Rs 15 billion in the first quarter of 2018-19 would require FBR to collect Rs 1,115 billion during the second quarter (October-December) of 2018-19.
Business Recorder
