CBR tax collection could surpass Rs 590b target

ISLAMABAD: A senior tax official said on Saturday that the Central Board of Revenue’s (CBR) tax collection target of Rs 590 billion for the fiscal year 2004-05 would be exceeded and the total tax collected for the fiscal year 2004-05 was likely to be Rs 592 billion.

The official said the final revenue collection figures would be available in the next ten days and he added that the tax collection for the fiscal year would surpass the upwards-revised target of Rs 590 billion. According to the latest reconciled figures obtained from the State Bank of Pakistan (SBP), the National Bank of Pakistan (NBP) and the National Treasury revenue collection stood at Rs 588.059 billion as of July 2. The original revenue target for the fiscal year 2004-05 was Rs 580 billion, which was revised during the year to Rs 590 billion in view of the pace of economic development and other related factors. According to details, the CBR has collected Rs 180.355 billion in income tax against the upwards-revised target of Rs 182.7 billion for the July-June period of the last fiscal year 2004-05.

The collection of Sales Tax is also expected to surpass the upwards-revised collection target of Rs 239.2 billion as the final collection is expected to further increase in the next 10 days.

The collection of Customs Duty has surpassed its upwards-revised target of Rs 113.9 billion and the collection of duty on July 2 stood at Rs 115.156 billion. Officials are expecting further collections in customs duty when the final collection reports are received in the second week of July.

The CBR has already surpassed the original Central Excise Duty (CED) collection target of Rs 45 billion set at the start of the fiscal year 2004-05. The collection of CED stood at Rs 52.843 billion against the upwards-revised target of Rs 54.2 billion to be met at the end of the fiscal year 2004-05. The target of Rs 54.2 billion is also expected to be met when the final collection figures are received in the next 10 days.

The spokesman said that it was expected that the final reconciled figures for revenue collection for the fiscal year 2004-05 after receiving information from all branches of the SBP, NBP and Government treasuries is likely to exceed the revised revenue target of Rs 590 billion. staff report

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