ISLAMABAD, June 1: The target for tax revenue receipts set by the Federal Board of Revenue (FBR) for the next fiscal year shows an increase of 18.02 per cent over the target of outgoing fiscal year.
The government set the target of Rs2,381 billion as tax revenue for fiscal year 2012-13 as compared to Rs1,952 billion during 2011-2012.
Revenue from direct taxes has been estimated at Rs2,503.575 billion with projected revenue of Rs914 billion from income tax.
Indirect taxes which consist of customs, sales tax and federal excise are estimated to be Rs1,571.575 billion.
A break-up of revenue receipts from indirect taxes shows that revenue from customs would be Rs247.5 billion; sales tax Rs1,076.5 billion and federal excise Rs125 billion.
The estimated tax revenue for 2012-13 is Rs2,503.575 billion, which reflects an increase of 23.7 per cent over the revised estimates of 2011-12.
Non-tax revenue has been projected at Rs730.331 billion in 2012-13 as compared with Rs512.184 billion in revised estimates of 2011-12.
At this level, the non-tax revenue is higher by 42.6 per cent when compared with the revised estimates of 2011-12.
The target of Rs147.38bn has been reserved for oil and gas revenues which includes Rs31bn as gas development surcharge, Rs22.5bn discount retained on local crude oil, Rs22bn as royalty of crude oil, Rs36bn as royalty on natural gas, 30bn gas infrastructure development cess, and Rs5.3bn as windfall levy against crude oil.