Revenues surge 19pc

[RajaRawal111]

The revenue collection posted a robust growth of 19 per cent in January from a year ago despite non-clearance of imported vehicles and growth in sales tax refunds.In absolute terms, the revenue collection edged up to Rs272 billion as against Rs228bn collected over the corresponding month of last year.

Official figures released on Wednes­day showed that the growth was recorded despite the fact that the collection on account of book adjustments which may range between Rs2-3bn was yet to come.The increase is despite issuing Rs3bn more tax refunds in January as compared to refunds issued during the corresponding period of previous fiscal year.

Federal Revenue Minister and Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan told Dawn that the accelerated growth in revenue started in July and maintained that growth in January.

Net collection touches Rs2 trillion in the first seven months of 2017-18

​

He said that administrative measures were also taken on a day-to-day basis to achieve the growth in revenue collection. “We are confident we will achieve the overambitious revenue target of Rs4 trillion projected for this fiscal year,” he said.In January, the FBR also faced two setbacks.

More than 6,000 cars are awaiting clearance at Karachi port due to change in payment procedures by the Ministry of Commerce. The estimated revenue from these cars clearance was calculated at Rs5-6bn. “Now this amount will be received in February,” an official source said.

Moreover, the Sindh High Court also stayed regulatory duties imposed in October 2017. In the wake of this order, the additional duties collected against regulatory duties are deposited in the office of registrar until the case was settled.During first seven months of this current fiscal year, the FBR recorded provisional net revenue collection of over Rs2 trillion as against Rs1,699bn collected during the same period of the previous fiscal year, recording an increase of Rs300bn or 17.71pc.

Member Operation Khwaja Tanveer told Dawn that in the first seven months the board has achieved 60pc of the total target projected for the current fiscal year. He said robust growth was recorded in the collection of domestic sales tax and federal excise duties.
Mr Tanveer said that domestic sales tax collection posted more than 20pc growth during the period under review. The revenue collection posted growth in domestic taxes collection from cement, automobiles, sugar and cigarettes.The collection on demand under income tax also increased especially from telecom companies.

Published in Dawn, February 1st, 2018

Source

 

[RajaRawal111]

چلو اوے ماتمیو - شروع کرو اپنا اڑد - تمہارا دروغہ ابھی آتا ہی ہو گا

 

[Two Stooges]

Patwari league is a universal liers ,
Calbre Font, and saqa munshi's fake award...
fake lawyers convention...
always shameless as swines...

 

[Champion 01]

Rajarawal aur mhafeez kay liey sirf itna he kehna hey.....LAGAY RAHO MUNNA BHAI, LAGAY RAHO...
PMLN waloon ki AUQAAT ka sari dunya ko pataa hey, per TUSI DOWAY LAGAY RAHO

 

[Zainsha]

لگا رہ نونی کنجر تیری بھی مجبوری ھے۔

مزے کی بات یہ ھے کہ گنجا سور کہہ رہا ہے مجھے نکال کے پاکستان کی ترقی رک گئی

اور یہ گنجے کا غلام کہہ رہا ہے پاکستان تو جاپان سے بھی اگے نکل گیا۔۔

ٹیکس کلیکشن بڑھ گیا لگتا ھے سپریم کورٹ کے نوٹس سے نونیوں کی ایسی پھٹی کہ طلال جیسے حرامیوں نے ٹیکس جمع کرانا شروع کر دیا

ابھی تو وہ کالا نیولا جیل گیا ہے ابھی ایک ایک کر کے سب جائیں گے سور کے بچے۔

 

[RealPeople]

چلو اوے ماتمیو - شروع کرو اپنا اڑد - تمہارا دروغہ ابھی آتا ہی ہو گا

A ss hole. How can you expect us to believe patwarri news from patwarri news source

 

[Will_Bite]

ٹیکس کلیکشن بڑھ گیا لگتا ھے سپریم کورٹ کے نوٹس سے نونیوں کی ایسی پھٹی کہ طلال جیسے حرامیوں نے ٹیکس جمع کرانا شروع کر دی۔

Revenue spike is a monthly figure, and is because of increase in indirect taxation and withholding tax. My NRP account in Pakistan has been charging me 3 times the fees for every activity in the name of a variety of taxes. Even direct remittance is being taxed. But dont expect the rich and famous to be taxed directly any time soon.

 

[akmal1]

چلو اوے ماتمیو - شروع کرو اپنا اڑد - تمہارا دروغہ ابھی آتا ہی ہو گا

راجہ صاحب نے ایک مرتبہ پھر آدھے سچ اور آدھے جھوٹ سے سب کو بیوقوف بنانے کی کوشش کی ہے
اپنی اس چالاکی کے پکڑے جانے کو انہوں نے ماتم کا نام دے رکھا ہے

https://www.siasat.pk/forum/showthread.php?607848-FBR-misses-tax-collection-target-by-Rs74-billion

FBR misses tax collection target by Rs74 billion

​

ISLAMABAD:

The federal government has collected over Rs2 trillion in taxes during the first seven months of the current fiscal year, but fell short of the target by Rs74 billion, as the growth in collection slowed down to 17.7%.

The shortfall will make it difficult for the government to achieve the revised budget deficit target despite decent revenue collection by the Federal Board of Revenue (FBR). The shortfall may add about 0.3% of gross domestic product (GDP) to the budget deficit. Parliament has set the budget deficit target at 4.1% of GDP.

In the first seven months of 2017-18, provisional net revenue collection was recorded at over Rs2 trillion, announced the FBR headquarters on Wednesday. The collection was higher by 17.7% or roughly Rs300 billion over the same period of the previous fiscal year.

Parliament has approved Rs4.013-trillion tax collection target that needs a 19.2% growth.

For the first seven months (July-January), the FBR had set the target of Rs2.074 trillion. However, the FBR management appears confident about its performance. When the present government took over in 2013, the net revenue collection for the entire year was less than Rs1.95 trillion, said the FBR in a statement.

Provisional collection for January 2018 was Rs272 billion excluding the collection on account of book adjustment, which may range between Rs2 and Rs3 billion, said the FBR. It had set Rs273-billion target for the month.

The FBR said the monthly collection figure was very encouraging as in January 2017 Rs228 billion had been collected and there was an increase of 19%.

However, a main reason for the substantial increase in customs duty collection was the levy of regulatory duty on hundreds of tariff lines to curb imports. Historically, the share of customs duty had been one-tenth in the total revenue collection, but it has now almost doubled.

Owing to the regulatory duty, the share of customs duty collection in total taxes jumped to 15% by the end of last fiscal year, showed the Fiscal Policy Statement 2017-18. This further went up to 16.5% in the first seven months of the current fiscal year.

“To bolster macroeconomic stability, revenue mobilisation should be given priority along with rationalisation of current expenditures,” according to the Fiscal Policy Statement 2017-18.

The latest revenue collection results have dimmed hopes of achieving the annual tax collection and fiscal deficit targets. The Rs2-trillion collection in the first seven months was only 49.8% of the annual target.

The FBR was required to achieve at least 51.7% of the annual target in the seven months, according to officials of the Ministry of Finance.

The FBR is struggling to enhance its revenues despite support from the high regulatory duty and rupee devaluation that has increased tax collection at the import stage.

According to the FBR’s estimates, the depreciation of the rupee against the US dollar will give it extra benefit of a minimum Rs55 billion.

In addition to that, duty collection will increase by Rs25 billion due to the levy of regulatory duty. The FBR is also struggling to improve the narrow tax base as despite numerous extensions, the number of income tax return filers remained at 1.22 million.

Fiscal Policy Statement about FBR

The Fiscal Policy Statement that the finance ministry tabled in parliament this week pointed out that the FBR’s tax-to-GDP ratio stood at 10.5% in the last fiscal year, which was even below the level recorded in the preceding year.

It added the pace of direct tax collection slowed down because of decline in corporate profitability, especially of the banking sector as well as reduction in rates and announcement of tax incentives.

The statement showed that withholding tax contributed more than two-thirds to the total income tax collection in the previous fiscal year. Contractors, imports, salary, telephone bills and dividends were the top five withholding tax contributors.

Published in The Express Tribune, February 1[SUP]st[/SUP], 2018.​

 

[akmal1]

چلو اوے ماتمیو - شروع کرو اپنا اڑد - تمہارا دروغہ ابھی آتا ہی ہو گا

مزید "ماتم" ملاحظہ ہو

Truth behind revenue growth

The real story behind annual growth of 20% in revenue collection of Federal Board of Revenue (FBR) from 2013 to 2016 remains untold. It is a sordid story of cheat and deceit. The available facts reveal that behind the "extraordinary" (claimed and acclaimed) revenue growth lies not only blocking of refunds of billions of rupees and advances taken from big corporate taxpayers but also a substantial increase in the number of withholding tax provisions and their rates, and exorbitant sales tax on petroleum products. The mighty ex-Finance Minister (still minister-on-leave?), Ishaq Dar, presently facing trial before the Accountability Court, not only hiding these facts, but has been brazenly and blatantly hoodwinking members of the Parliament, international lenders/donors and the public at large.



FBR has not yet published the Year Book for fiscal year 2016-17 even after a lapse of seven months. The reasons are best known to FBR bosses but it is obvious that they want to conceal the incompetence and inefficiency of their institution, which is sleazed with corruption and has become infamous for its highhandedness. Fiscal year 2016-17 was disastrous for FBR. The Chairman FBR on August 2, 2017 admitted before Senate Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization that in 2016-17 revenue growth was only 8%.The target fixed was Rs 3621 billion, which was reduced to Rs 3521 billion whereas actual collection was Rs 3362 billion. The target for the current years is Rs 4013 billion (increase of 19% over last year) and in the first six months, FBR has reportedly collected Rs 1722 billion showing increase of 17.5% as compared to last year.

No details are available on FBR's website about growth of 17.5%. Media reports suggest that this increase is not due to efforts of officers but courtesy imposition of regulatory duty on hundreds of items, exorbitant sales tax on petroleum products, enhanced withholding tax rates, blocking of refunds and taking advances of billions of rupees. In the absence of head-wise bifurcation of collection from July 2017 to December 2017, no comments can be made. Details about fiscal year 2016-17 have not been published yet and therefore a month-wise comparison is not possible. FBR should publish the Year Book for 2016-17 immediately and place on its website head-wise details of collection for the current fiscal year with a month-wise comparison with earlier year.

It is a fact that Inland Revenue Service (IRS) decided less than 10% of pending audit cases in 2016-17. FBR's collection under the head of income tax by creating demand was only 8% of total collection, rest came from withholding provisions or advance tax or tax deposited with returns. This exposes the efficacy of FBR that has miserably failed to compel non-filers to file tax returns.

Since the last many years, the main reliance of FBR is on withholding taxes (which is about 70% of total income tax collection) and on excessive sales tax on petroleum products (nearly 50% collection came from this source alone). FBR has been hiding facts about its failure to enforce filing of returns and not admitting the real quantum of refunds payable. Ultimately, Ishaq Dar confessed before the National Assembly's Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation on November 26, 2015 that refunds of Rs 200 billion were pending.

The public has fundamental right under Article 19A of the Constitution to get comprehensive information and details about collection of taxes by FBR and refunds pending and issued. FBR promised to do so in 2016 before a committee constituted by Federal Tax Ombudsman (FTO) on the complaint of Pakistan Apparel Forum for non-payment of refunds but has not fulfilled it today. FTO has also failed to take note of this lapse.

Historical record shows that over the period of time FBR has been keeping the people in dark about its actual contribution in collection of taxes. The burden is mainly shifted to the withholding tax agents. Although FBR has been taking credit of "extraordinary" performance, the fact remains that reason for increase is due to enhanced rates of withholding taxes, tax, advance under section 147 of the Income Tax Ordinance, 2001 and excessive indirect taxes. The performance of IRS through its own efforts that is by way of audit of declarations or by bringing new taxpayers in the net or unearthing, under-reporting or non-reporting using data and employing modern information technology tools is highly disappointing. Figures from July 2017 to September 2017 testify to it: due to increase in withholding tax rates, growth under this head as compared to last year is 18%. Increase in some items is phenomenal: dividend 54%, contracts 26%, rent 29%, registration of new cars 46%, on domestic electricity bill 57% and 182% on domestic air tickets-just to mention a few.

The above shows that increase in income tax collection is due to the fact that millions of Pakistanis by virtue of over 70 types of withholding taxes, both adjustable and non-adjustable, are paying advance income tax.There are 90 million unique mobile users alone who pay adjustable advance income tax. FBR is hooked on easy collection. It is thus not interested to force non-filers to file tax returns. According to a press report, FBR received only 608,587 income tax returns till November 1, 2017. Will the full year filing reach the level of 1.2 million in 2016? FBR has no definitive answer. It is pertinent to mention that in 2011 this number was 1,443,414. In 2006-07, the figure was 2.1 million as mentioned by Jorge Martinez-Vazquez and Musharraf Rasool Cyan in their book, 'The Role of Taxation in Pakistan's Revival' [Page 676, Figure 36]. How tragic that FBR has lost one million return-filers since 2006-07 and yet there are tall claims of "wonderful" performance.

(The writers, lawyers and partners in Huzaima, Ikram & Ijaz, are Adjunct Faculty at Lahore University of Management Sciences)

https://fp.brecorder.com/2018/02/20180202340502/

 

[RealPeople]

Just saw on tv- poor road cleaners in Quetta municipal corporation have not been paid for 3 months. Surely they can be paid from these revenue assets?

 

[Educationist]

https://www.siasat.pk/forum/showthr...oat-another-1b-Eurobond&p=4738452#post4738452

 

[RajaRawal111]

Oh yes for you I know you believe "only in the things which come out of A ss hole". Because that is all you know better about. Dont blame you man.

A ss hole. How can you expect us to believe patwarri news from patwarri news source

 

[RealPeople]

Oh yes for you I know you believe "only in the things which come out of A ss hole". Because that is all you know better about. Dont blame you man.

I just love when you're reply looks you don't know what to say or how to say apart from recycling my comments. Pakka a ss hole . GFUM patwarri :lol:

 

[Saqi99]

Ek bar phir akmal bahi ka jotay baghoo baghoo ka..

BTW in Noora govt things goes so bad when it bounced back a little, it comes out a good performance lol..

 

[RajaRawal111]

The kind of language you use or the level of your comments show that you are a low educated person with a below average social level. You are some kind of a beggar who is either living on be-rozgri allowance of queen, or you are a low level worker like a public toilets cleaner or ordinary Labrador. I had to think a bit GFUM means, then keeping in mind the kind of filth you are I understood. I can tell you some thing more about your M. But Than i thought what benefit i will get. It does not satisfy me the way it gives you the satisfaction.
Instead i and sending you this Hadith of Rasool Allah. I dont know if it means anything to you or not. If it means something to you than i will request you that please keep it all to me abuse me as much as you can but do not abuse my parents and hence abuse yours

I just love when you're reply looks you don't know what to say or how to say apart from recycling my comments. Pakka a ss hole . GFUM patwarri :lol:

 

[Husaink]

???? ????? ?? ?????

<font size="6"><strong>

 

[RealPeople]

The kind of language you use or the level of your comments show that you are a low educated person with a below average social level. You are some kind of a beggar who is either living on be-rozgri allowance of queen, or you are a low level worker like a public toilets cleaner or ordinary Labrador. I had to think a bit GFUM means, then keeping in mind the kind of filth you are I understood. I can tell you some thing more about your M. But Than i thought what benefit i will get. It does not satisfy me the way it gives you the satisfaction.
Instead i and sending you this Hadith of Rasool Allah. I dont know if it means anything to you or not. If it means something to you than i will request you that please keep it all to me abuse me as much as you can but do not abuse my parents and hence abuse yours

Then stop lying, stop supporting dishonest politicians,stop presenting false news!

As far as hadith is concerned, you seem to need more guidance so must follow the message and spirit of Islam

 

[RajaRawal111]

I appreciate if you felt a bit remorse but dont go in wrong direction now.
I have all the rights to express myself as every one else has. And if it utterly upsets you and you cannot control yourself then All I have requested you to keep your slurs to me only. Dont go beyond me please.

Then stop lying, stop supporting dishonest politicians,stop presenting false news!

As far as hadith is concerned, you seem to need more guidance so must follow the message and spirit of Islam

 

[RealPeople]

I appreciate if you felt a bit remorse but dont go in wrong direction now.
I have all the rights to express myself as every one else has. And if it utterly upsets you and you cannot control yourself then All I have requested you to keep your slurs to me only. Dont go beyond me please.

Remorse? What do you mean. Do you not understand.? Dont propogate lies on this universal forum. Its like assault. Otherwise be ready to receive

 

[RajaRawal111]

Remorse? What do you mean. Do you not understand.? Dont propogate lies on this universal forum. Its like assault. Otherwise be ready to receive

Okay I am ready. But you should confne yourself to me only.