KP to collect 64% more in direct taxes than estimated!!!!

[desan]

Khyber Pakhtunkhwa to collect revenue of over 83.2% of its revenue receipts for financial year 2015-16 from indirect taxes while the remaining 16.2% will be collected from direct taxes.

According to the White Paper of the annual budget for current financial year, the provincial revenue receipts are estimated at Rs54.424 billion, that is comprising of a tax receipt of Rs22.594 million (41.5%) including General Sales Tax on services of Khyber Pakhtunkhwa, which is Rs14 billion and non-tax receipts of Rs31.830 billion (58.5%).

The provincial government has established the Khyber Pakhtunkhwa Revenue Authority (KPRA) for collection of Sales Tax on Services and Infrastructure Development Cess (IDC). Since its establishment July 1, 2013, the authority has collected Rs5.011 billion up to April 2015 on account of Sales Tax on Services. Collection of Infrastructure Development Cess (IDC) has not yet started as the issue of its collection requires resolution at federal level.

Direct taxes of the province include taxes on agriculture income, property, land revenue, profession, trade and calling etc. The revised estimate of direct taxes for financial year 2014-15 is Rs2.682 billion. The budget estimates 2015-16 is Rs3.801 billion shows an increase of 64% over budget estimates of 2014-15.

Indirect taxes are a major component of tax receipts and comprise of Provincial Excise, GST on services, motor vehicle tax, stamp duties, cess of all types, electricity duty etc. The revised estimates for financial year 2014-15 from direct taxes was Rs17.149 billion and budget estimates 2015-16 at Rs18.793 billion, registering an increase of 9% over budget estimates 2014-15.

The provincial tax receipts collected since 2010-11 to 2015-16 showing an upward trend in growth rate. However, the economic development in the province remained under the shadow of poor law and order situation, which has adversely affected the revenue growth.

The finance department of the province has set realistic targets for year 2015-16, after careful objective consideration of the potential of the concerned department.




http://www.brecorder.com/taxation/1...s-kp-to-collect-832-percent-revenue-receipts/

 

[ahaseeb]

Unless and until they make metro or distribute laptops or make sasti roti scheme, they are not doing anything !

 

[samiather]

Unless and until they make metro or distribute laptops or make sasti roti scheme, they are not doing anything !

:) I am hope that ppl will get to see that progress in this tenure . but I believe that priorities are right. Law and Order--> Health-->Education-->Infrastructure.

But I agree with the point that Government should not be focused on one thing ie Health/Education only or Metro Only. It should be a combination of all

 

[ShrartiMunda]