Tax collection target set at Rs 1.96 trillion

[Lahore_Real_Estate]

ISLAMABAD: The federal government has assigned the Federal Board of Revenue (FBR) a tax collection target of Rs 1.952 trillion for the next fiscal year 2011-12 as against the revised target of Rs 1.587 trillion for the outgoing year 2010-11, projecting an increase of Rs 365 billion. Direct taxes target was fixed at Rs 657.7 billion for the year 2010-11, however, the same was revised to Rs 626.9 billion. The government has fixed a direct taxes target of Rs 743.6 billion for the year 2011-12, indicating an increase of Rs 116 billion. Sales tax target was fixed at Rs 674.9 billion for the year 2010-11, however, this was revised to Rs 654.6 billion. The government has fixed a sales tax target of Rs 836.7 billion for the year 2011-12, indicating an increase of Rs 182.1 billion. Federal Excise Duty (FED) target was fixed at Rs 153.6 billion for 2010-11, however, this was revised to Rs 132.9 billion. The government has fixed a FED target of Rs 165.6 billion for 2011-12, indicating an increase of Rs 32.7 billion. Customs duty target was fixed at Rs 180.8 billion for 2010-11, however, this was revised to Rs 173.3 billion. The government has fixed a customs duty target of Rs 206.4 billion for 2011-12, indicating an increase of Rs 33.1 billion.