ISLAMABAD: The Federal Board of Revenue (FBR) provisionally collected around Rs151 billion in December 2010, against the target of Rs147 billion.
The collection is being termed record, as despite recession, energy crisis, investment problems, law and order situation and higher interest rates, the board has not only achieved the revenue collection target for the month but also surpassed the target.
The record direct taxes collection has enabled the FBR to amass Rs151 billion during December 2010.
If the FBR maintained current pace of revenue collection, the tax machinery would be able to achieve the downward revised revenue collection target of Rs 1604 billion for 2010-11.
It is expected that more revenue would come after compilation of final figures for December 2010. The FBR has created three new RTOs in Karachi which would also be instrumental in improving revenue collection during the remaining months of current fiscal.
Break-up of monthly revenue collection showed that direct taxes provisional collection stood at Rs 69.5 billion, sales tax Rs 54.6 billion, federal excise duty Rs 9.5 billion and provisional collection of customs duty stood at Rs 17.2 billion during December 2010. All categories of direct taxes showed remarkable performance particularly Collection of Demand (COD), Voluntary Payments (VP) and Withholding Taxes (WHT), etc.
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