FBR admits missing collection target by Rs 32b

The Federal Board of Revenue (FBR) has officially admitted its failure to achieve annual collection target of Rs.1952 billion set for financial year 2011-12 as it has collected Rs.32 billion less amount then its target.
FBR spokesman Riffat Shaheen said that the tax authority has collected rs.1,920 billion during fiscal year 2011-12 against its set target of rs.1,952 billion which shows Rs.32 billion shortfall.
She said Federal Board of Revenue could not announce collection date officially so far due to books adjustments which in routine takes 10 to 15 days but it would be released in next two to three days. “Credit should be given to tax authorities for crossing the sociological figure of Rs.1900 billion revenue collection,” she said, adding that tax collection target did not revise even a single time throughout the financial year 2011-12 whereas it was revised 3 times as compare to last fiscal year.
Riffat Shaheen said despite depressive economic situation in the country tax authority collected Rs.1920 billion what she termed a great achievement for Federal Board of Revenue.
In order to get billion of rupees from defaulter taxpayers with the sole aim to achieve annual tax collection target of Rs.1952 billion the FBR also announced amnesty schemes in May 2012 which did not help at large the tax authorities to get its over-ambitious target of revenue set for fiscal year 2011-12.
According to an official tax collection target of rs.1,952 billion was of course much difficult, tough and steep decline in revenues is being witnessed, however, FBR has left no stone unturned to reach its nearest.
Independent economists have said that the government missed annual revenue collection target set for the 2011-12 due to challenges ranging from militancy to energy. According to them FBR tax collection target of Rs1952 billion was a non-starter even with the collection of Rs1588 billion in 2010-11.
“Tax authorities were insisting throughout the year for achieving its target despite the fact that economy was growing with only 3 per cent then how it was possible for FBR to get its set target,” they added.
It may be recalled that during current fiscal year 2010-11, nation had witnessed a baffling situation when on June 30, 2011, the then Chairman FBR Salman Siddique claimed that the collection surpassed the target and collected Rs1, 590 billion, but the irony of fate was that it was proven incorrect.