Despite ongoing tension in the federal capital for more than one-and-a-half-month, the Federal Board of Revenue witnessed 14 per cent growth in revenue collection in the first quarter of the current fiscal year from a year ago.
In absolute terms, revenue collection in July-September 2014 reached Rs549 billion from Rs481bn a year ago.
In the budget 2014-15, the government had projected a revenue collection target of Rs2.810 trillion as against Rs2.266tr collected in last fiscal year, an increase of 24pc.
The collection in September stood at Rs230bn as against Rs202bn over the corresponding month of last year, reflecting an increase of 14pc.
Revenue collection witnessed a growth of 3pc in July 2014, followed by a 24pc growth in August this year over the corresponding month of last year.
A tax official said that revenue collection may witness more growth when revenue figures would be finalised in the next couple of weeks. He said growth in revenue collection was achieved despite ongoing tension in the country. The official said most of the revenue was generated through Karachi ports, therefore, sit-ins had little impact on revenue collection.
According to the tax official, revenue collection under the head of income tax, sales tax witnessed a substantial increase in the first quarter of the current fiscal year from a year ago.
A marginal increase was witnessed in the collection of federal excise duty and customs collection during the period under review over the corresponding months of last year.
The highest growth recorded in the collection of income tax was due to revenue measures taken in the last budget. These measures include new withholding taxes as well.
Increase in excise duty collection is the outcome of the revenue measures announced in the budget, especially increase in excise rate for beverages and cigarettes.