FBR faces revenue loss of Rs35b
By Asad Cheema

ISLAMABAD—Federal Board of Revenue (FBR) has collected an estimated Rs 430 billion in the first half of current fiscal year against the projected revenue collection in the period reflecting revenue loss of Rs 35 billion. The shortfall of Rs 35 is primarily owing to recent tragic development on political front and ensuing disturbances in the country, which put the economy on standstill footings, said Chairman FBR, M Abdullah Yusuf in an exclusive panel interview with APP here Tuesday.
Responding to a query, the Chairman said that month of December is of immense importance with regard to revenue collection in the first half of financial year which however, proved to be unfortunate in the wake of recent fateful event in the country.
Notwithstanding major setback of Rs 35 billion, Mr Abdullah Yusuf expressed the confidence that the Board was expected to rope in Rs one trillion revenue collection against the actual target of Rs 1.025 trillion. Giving the break up of setback, he said Direct Taxes suffered loss of Rs 23 billion, Sales Tax - Rs 10 billion, Federal Excise Duty - Rs One billion and Customs Duty Rs one billion.
In the first months ( July-Nov) of current fiscal year, tax growth was 14.8 per cent over the like period of last financial year. However, in September there was a slight decrease of Rs five to six billion which could have been made up, had there been no such tragic development causing economic stagnation, he maintained. In reply to a question, FBR chief said that certain chunk of Rs 20 to 25 billion loss would remain irretrievable even in the rest of fiscal calendar.