ISLAMABAD: Federal Board of Revenue had to face failure in targeted tax receivables during first quarter of current fiscal year, while the main reason of failure was the strategy forged for advance tax receivables to achieve target of last fiscal year tax receivables, which is being adjusted this year.
According to FBR officials, this year FBR had set a target of 3621 billion rupees tax receivables, in which FBR had to achieve 685 billion rupees in terms of taxes; hence according to the provisional figures, FBR could just receive 625 billion rupees in terms of taxes, which was 60 billion rupees less than set target.
According to officials, tax receivables were only 25 percent higher than the same period of last fiscal year, while government has set an increase of 20 percent higher target this year. According to sources, people will have to bear the consequences of this failure in form of new taxes through mini budgets levied by government.
