ISLAMABAD: The target for collection of revenue by Federal Board of Revenue (FBR) has been set at Rs 3621 billion in the budget for fiscal year 2016-17
According to budget documents the target for collecting revenue by FBR has been set at Rs 3621 billion in the current fiscal 2016-17 with increase of Rs 417 billion as compared to budget for financial year 2015-16.
Target for collection of direct taxes was set Rs 1347 billion in the fiscal year 2015-16 while FBR has succeeded in collecting Rs 1329 billion under the head of direct taxes.
The target for collection of indirect taxes revenue was set Rs 1755.834 billion in the fiscal 2015-16 but FBR collected 1779.700 billion.
Tax revenue collection target for FBR has been set Rs 3621 billion in the fiscal 2016-17. The direct tax revenue collection has been increased from Rs 1347.872 billion to 1558 billion as compared to fiscal year 2015-16 and indirect taxes revenue collection target has been increased from Rs 1755.834 billion to Rs 2063 billion in the year 2016-17 against previous fiscal year.
The target of collection of income tax has been increased in financial year 2016-17 from 1326.835 billion to Rs 1538.756 billion, capital value tax from Rs 1.328 billion to Rs 2.292 billion and workers welfare fund target has been decreased from Rs 19.709 billion to Rs 16.947 billion.
During financial year 2015-16 income tax collection target was fixed Rs 1326.835 billion while FBR has succeeded to collect Rs 1307.647 billion. Likewise tax collection target under workers welfare fund was set Rs 19.709 billion and FBR had collected Rs 16.947 billion under this head. Revenue collection under capital value tax was set at Rs 1.328 billion while FBR has collected Rs 1.952 billion.
Indirect tax collection target was set Rs 1755.834 billion in the financial year 2015-16 while FBR has succeeded to collect Rs 1779.7 billion. In the financial year 2016-17 indirect tax collection target has been fixed Rs 2063 billion which is higher by Rs 300 billion than financial year 2015-16.
Customs duties target in indirect taxes has been increased from Rs 299.125 billion to Rs 413 billion in the financial year 2016-17 as compared to previous fiscal year, sales tax target has been increased from Rs 1250.272 billion to Rs 1437 billon and federal excise target from Rs 206.437 billion to Rs 213 billion.
Customs duties target was set Rs 299.125 billion in the financial year 2015-16 while Rs 248.500 billion was collected, sales tax target was fixed Rs 1250. 272 billon while Rs 1230.300 billion were collected and federal excise tax collection was set at Rs 206.437 billion while Rs 200.9 billion were collected.
In the budget for financial year 2016-17 direct taxes collection target has been increased from Rs 1347.872 billion to Rs 1558 billion. Other indirect taxes collection target has been increased from Rs 4.365 billion to Rs 5.033 billion in the financial year 2016-17 as compared to 2015-16, airport tax target has been decreased from Rs 150 million to Rs 120 million, natural gas development surcharge has been enhanced from Rs 30 billion to Rs 35 billion and petroleum levy collection target has been increased from Rs 135 billion to Rs 150 billion.
The FBR has succeeded in achieving tax collection target of Rs 3103.706 billion which was fixed in financial year 2015-16 while tax collection target for 2016-17 has been set at Rs 3621 billion.