FBR collects Rs846b revenue in 1H2011-12

Federal Board of Revenue (FBR) has collected revenue of Rs846 billion during the first six months of the current fiscal 2011-12 (July-December). FBR also witnessed an increase of over 34 per cent or Rs216 billion during the same period of previous year. Figures show that Lahore Large Taxpayers Unit (LTU) has witnessed an increase of Rs17 billion or 25 per cent in the first six months of the fiscal 2011-12. Lahore LTU has collected revenue of Rs53.5 billion during the first half of the current fiscal, whereas, Rs36.5 billion revenue was collected during the corresponding period of last year. Breakup shows that on account of Income Tax, Lahore LTU has collected Rs12.3 billion in the first half of the current fiscal, while revenue of Rs8.6 billion was collected during the corresponding period of previous year.
In General Sales Tax (GST), revenue receipts of Lahore LTU has witnessed Rs33.7 billion during the period under review, which showed Rs13.1 billion increase from last fiscal figures. Similarly, on account of Federal Excise Duty (FED), revenue collection has stood at Rs7.5 billion, which showed an increase of Rs0.2 billion from fiscal 2010-11. FBR’s Lahore LTU Director General Mustafa Ashraf indicated that despite economic depression and energy crisis, revenue collections had witnessed substantial increase, which showed tax machinery’s efforts to increase tax revenues. He said FBR had initiated an aggressive revenue generation and collection campaign from the start of the current fiscal, considering the overall depressed economic situation in the country. He pointed out Lahore LTU had also recovered some Rs1 billion arrears, stuck up in appeals and other cases.
In addition, Lahore LTU had created a demand for Rs2.5 billion additional revenue collections, during the period under review, he maintained. Ashraf underscored that increase in revenue collection was result of better monitoring and extra efforts of the tax machinery. Lahore LTU had ensured timely tax collection from withholdings agents and followed FBR’s Broadening Tax Base (BTB) programme through which a good number of new taxpayers were added to the tax base.