ISLAMABAD: The Economic Survey of Pakistan for the year 2013-14 reveals that during the July-April 2013-14 period, tax revenues amounted to Rs 1,786.2 billion against Rs 1,527.8 billion in the same period last year, making a growth of 16.9 percent.
The significant growth in tax revenues was mainly on account of considerable rise in the federal tax collection of 16.3 percent. Meanwhile, the non-tax revenues posted a significant growth of 15.8 percent during July-March, 2013-14, the survey released by Finance Minister Ishaq Dar on Monday said. Fiscal accounts witnessed some respite on account of reduced subsidies, which remained lower than last year, as it reached Rs 201.8 billion during July-March, 2013-14 against Rs 270 billion in the comparable period of 2012-13.
During July-April, 2013-14, the FBR collected Rs 1,744.8 billion as provisional tax against Rs 1,505.5 billion in the comparable period of 2012-13, reflecting a growth of around 15.9 percent. The survey further revealed that during the first 10 months of the current fiscal year, among the four federal taxes, highest growth has been witnessed in direct tax at 18.9 percent followed by sales tax at 18.8 percent and federal excise at 14 percent. It said that during July-April, 2013-14, direct taxes remained a major source of FBR tax revenue collection, contributing 37.7 percent of total FBR revenues.
Net collection was estimated at Rs 658.1 billion against Rs 553.5 billion in the comparable period of fiscal year 2012-13. Similarly, indirect taxes increased by 14.2 percent in first ten months of current fiscal year and accounted for 62.2 percent of total FBR collection, while net collection was estimated at Rs 1,086.7 billion against Rs 951.9 billion in the same period last year. Total revenue increased by 16.6 percent during July-March, 2013-14, and stood at Rs 2,477.4 billion compared to Rs 2,124.9 billion in the same period of 2012-13.
BEIJING/RAWALPINDI: The most trusted, strongest and reliable ally of Islamabad, China on Sunday ...