ISLAMABAD: The tax collection for the last fiscal year 2005-06 have reached Rs 709 billion and the tax authorities are confident of crossing the Rs 710 billion mark when the information from all field formations is received in the next five days.
The Central Board of Revenue (CBR) had reported on June 30, 2006 surpassing of the revenue target of Rs 690 billion set for fiscal year 2005-06 and the provisional collection of Rs 700.3 billion which indicates an overall growth of 18.6% over July-June 2004-05.
Increased economic activity within the country, higher duty able imports, elimination of chances of leakage of revenues, department’s capability of detecting actual income and sales of the taxpayers, simplification of laws and procedures and maximum facilitation to taxpayers helped the CBR not only to meet the annual tax collection target of Rs.690 billion but to surpass it by collection of Rs 709 billion by July 3, 2006, a senior tax official informed Daily Times on Friday.
The tax-wise details confirm that Direct Tax revenue during the July-June period of current fiscal year reaching Rs 220 billion against Rs 183.4 billion last year, indicating an increase of Rs 36.6 billion. The overall sales tax collection during the fiscal year 2005-06 has reached Rs 293 billion as against Rs 238.5 billion last fiscal year indicating a growth of Rs 54.5 billion.
The CBR had reported on June 30, 2006 that during July-June period of the ending fiscal year 2005-06 the sales tax at import stage has increased from Rs 144.8 billion to Rs 169.8 billion, showing an increase of 17.2%.
Similarly, the sales tax on domestic production and sales has gone up from Rs. 93.7 billion to Rs 121.3 billion, indicating a growth of 29.4%. The collection on account of customs duties has reached Rs 138 billion against Rs 115.4 billion during last year, indicating a growth of Rs 22.6 billion. Finally, the federal excise duty collection during July- June, 2005-06 and reached Rs 58 billion against the collection of Rs 52.906 billion in the last fiscal year with an increase of Rs 5.094 billion. staff report
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