ISLAMABAD: The Federal Board of Revenue (FBR) failed to meet its revisedrevenue target of Rs3.935 trillion, as it provisionally collected Rs3.8trillion by end of FY18, resulting in a shortfall of Rs135 billion.
According to tax regulator officials, provisional data was still undercompilation and no final figure has been ascertained.
On Sunday, the government revised the Foreign Assets (Declaration andRepatriation) Act, 2018 and the Voluntary Declaration of Domestic AssetsAct to extend the amnesty schemes for offshore and domestic assets tillJuly 31st of this month.
Over Rs100 billion receipts from declarations under the tax amnesty schemeare expected to provide saving grace to the FBR, which has been strugglingto meet its revenue collection targets.
In the financial year 2017-18, the previous government had set a target ofRs4.013 for tax collection purposes.
The tax regulators provisional tax collection of Rs3.77 trillion was higherby 12.2 percent or Rs410 billion compared to FY17.
Nonetheless, the tax regulator had levied regulatory duties to help in rakeadditional revenue of Rs150 billion.
The rupee’s 15 percent depreciation against the dollar had a favourableimpact on the tax collection of around Rs65 billion.
Lastly, a token growth in GDP of around 10 percent should have raised anextra Rs336 billion in the collection.