Govt hopes to achieve Rs 1,952b revenue target
ISLAMABAD - The government is optimistic that Federal
Board of Revenue (FBR) will achieve the revenue collection target of Rs
1,952 billion set for the current financial year 2011-2012 owing to the
higher oil prices that would increase the revenues of the tax
department, official sources told The Nation.
Background discussions with officials of the FBR and Finance Ministry have revealed that revenue collection target of Rs 1952 billion would be achieved at the end of June 2012, as revenues showed impressive growth in the first eight months of the ongoing financial year against the same period last year. The Federal Board of Revenue has to collect Rs 829 billion in remaining four months (March-June) of the current fiscal year to meet the revenue collection target of Rs 1952 billion, as it has provisionally collected Rs1123 billion during the first eight months (July-February) period of ongoing fiscal year, reflecting an exceptional growth trend.
Sources said that soaring oil prices in the international market are helping the government to raise its taxes that could control the increasing budget deficit which is already on the higher side, 3.1 per cent of the GDP during the first seven months (July-January) of the present financial year. The government has to keep budget deficit at 4.7 per cent of the GDP during the ongoing fiscal year, which according to the International Monetary Fund (IMF) and State Bank of Pakistan is a challenging target. The IMF in its last report regarding Pakistan’s economy has projected that budget deficit could go to seven per cent of the GDP at the end of June 2012.
On the other hand, the government is once again contemplating to increase the oil prices owing to the surge in international market.
Background discussions with officials of the FBR and Finance Ministry have revealed that revenue collection target of Rs 1952 billion would be achieved at the end of June 2012, as revenues showed impressive growth in the first eight months of the ongoing financial year against the same period last year. The Federal Board of Revenue has to collect Rs 829 billion in remaining four months (March-June) of the current fiscal year to meet the revenue collection target of Rs 1952 billion, as it has provisionally collected Rs1123 billion during the first eight months (July-February) period of ongoing fiscal year, reflecting an exceptional growth trend.
Sources said that soaring oil prices in the international market are helping the government to raise its taxes that could control the increasing budget deficit which is already on the higher side, 3.1 per cent of the GDP during the first seven months (July-January) of the present financial year. The government has to keep budget deficit at 4.7 per cent of the GDP during the ongoing fiscal year, which according to the International Monetary Fund (IMF) and State Bank of Pakistan is a challenging target. The IMF in its last report regarding Pakistan’s economy has projected that budget deficit could go to seven per cent of the GDP at the end of June 2012.
On the other hand, the government is once again contemplating to increase the oil prices owing to the surge in international market.
No comments:
Post a Comment