Moreover, sources said that FBR had faced around Rs 70 revenue shortfall in November, which was now extended to over Rs 300 billion, forcing the board to collect around Rs 45 billion per day for next six days to achieve the target of Rs 1570 billion.
Replying to a question, sources termed the revenue target for second quarter formidable to achieve, due to economic instability. They said that all revenue potential sectors were performing below average, affecting the revenue collection, adding that the board collecting Rs 7 billion daily from import but now no revenue was reported since the currency was devalued, due to annulment of large number of import orders.
The revenue collection from petroleum has also declined, following low POL production, they said; adding that Pakistan Stock Market, which used to generate around Rs 4 billion revenue daily, has now been facing bearish trend, causing to extend revenue shortfall to unmanageable level. Furthermore, the sources said that Chairman FBR during recent visit to Karachi had also directed all field formation to maintain the revenue growth at 20 per cent of revenue budget in second quarter but this uphill revenue task may remain unachievable by the end of December, 2017.
Copyright Business Recorder, 2017