free hit counter code
Home - Business - FBR surpasses target of 2nd quarter for year 2015, collected 785bn

FBR surpasses target of 2nd quarter for year 2015, collected 785bn

ISLAMABAD: Federal Board of  Revenue (FBR) has collected around 758 billion rupees against the target of 750 billion rupees which was set for the second quarter of the current fiscal year, Radio Pakistan reported on Monday.

Advertisements

“Target for the second quarter from October to December of current financial year has therefore been surpassed by around 35 billion rupees”, FBR said.

As compared to previous year, FBR tax collection meter showed increase of 19%, in first six months of fiscal year.

Current government making different policies to increase tax collection,earlier, the Director General of Broadening of Tax Base (DG BTB) has proposed collection of income tax from retail traders through electricity bills.

The proposal is still at planning stage. However, if the proposal get passed it will result in collection tax from tax avoider retailers and will also help in increasing revenues for the country. Federal Board of Revenue (FBR) is also reviewing the proposed budget for 2015-16 submitted by the DG BTB for including the retailers in the tax net.

Advertisements

The official has proposed that income tax can be collected from default retail traders through electricity bills and for this purpose electric supply and distribution companies should collect yearly tax on behalf of FBR. However, the electricity companies will collect the tax once in a year in September (retailers are required to file return in September) and the amount will be shown in their return for the relevant tax year.

It is also proposed that tax should be Rs 10,000 in case of electricity bill is less than Rs 100,000. For bill between Rs 100,000 to Rs. 150,000, tax will be Rs. 20,000 and afterwards Rs. 10,000 for each slab increasing Rs. 50,000 in annual electricity bills. For annual electricity bill over Rs. 600,000, tax should be Rs. 150,000. According to tax authorities, at present there are 2.4 million retailers in the country.

Check Also

Fuel prices may hike up to Rs5.6 per liter in April

ISLAMABAD:Fuel prices are may be hike up to Rs5.64 per liter due to increase in …

Leave a Reply

Your email address will not be published. Required fields are marked *