The set target of revenue collection for the second quarter of 2015 fiscal year has been surpassed as the Tax authorities confirmed.
The Federal Board of Revenue (FBR) has provisionally bagged Rs770 billion, surpassing the set target for October-December of Rs750 billion. As said spokesperson Dr Mohammad Iqbal, FBR has seen growth of 21.5% against the same period of the last year.
Earlier, the target was not achieved during the first half of July-December period when target of Rs1.39 trillion was set by the International Monetary Fund (IMF); however, the FBR could merely collected Rs1.37 trillion. Dr Iqbal said that the performance of Tax collectors has been improved as compared to the previous quarter in spite of falling short from achieving the goal by Rs20 billion.
Earlier, the federal government implemented the mini-budget through Statutory Regulatory Orders (SROs) in a reactionary act to the outcomes of its first-quarter revenue collection failed to reach the target of Rs640 billion. The FBR succeeded to recover half of the Rs40 billion merely in the last month and expects to recover the rest during the second half of the newly begun fiscal year.
As far the current fiscal year is concerned, the IMF has doled out Rs30.104 trillion revenues collection target, which has been termed by FBR Chairman Nisar Mohammad Khan as ‘over stretched and not easy to generate.’
In case the FBR had failed again to touch the target in its second quarter, the government would have been pressurized to implement additional measures in February.