The Federal Board of Revenue (FBR) is facing a challenging task of collecting Rs. 171 billion in the last three days (Dec 29-39-31) of December 2020.
Reliable sources in the Ministry of Finance told ProPakistani that the tax machinery has collected around Rs. 370 billion in the first 28 days of December 2020 against the monthly target of Rs. 541 billion. The achievement of the monthly target of Rs. 541 billion by the end of current month will decide about the possible downward revision in annual target of Rs. 4.9 trillion.
To achieve the target of Rs. 2.210 trillion during the first half (July-December) 2020-21, it is necessary to meet this target of Rs. 541 billion.
The last year’s revenue trend revealed that the FBR has collected Rs 90-100 billion in a single day of December 2019.
Officials said that the estimated shortfall in revenue collection could be around Rs. 50 billion in December 2020.
Against the target of Rs. 348 billion for November 2020, the FBR has collected Rs. 347 billion during last month.
The revenue collection target for October was fixed at Rs. 352 billion. The target for July was fixed at Rs. 243 billion, whereas the target for August was Rs. 308 billion. The tax collection target for September was fixed at Rs. 418 billion.
The FBR has collected Rs. 1.688 trillion net revenue in the current Fiscal Year from July to November against the target of Rs. 1.669 trillion, whereas revenue collected was Rs. 1.623 trillion in the previous year. Income Tax collection for July to November stood at Rs. 577 billion. Similarly, collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs. 743 billion, Rs. 104 billion and Rs. 264.4 billion, respectively.
Is this December has 39th day