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Rs 123.5 billion tax collected in July-October

ISLAMABAD (November 01 2002) : The federal tax authorities have collected Rs 123.5 billion in the first four months (July-October) of the current financial year (2002-2003) against the target of Rs 124.8 billion, showing a shortfall of Rs 1.3 billion.

These are provisional figures compiled by the tax machinery till Thursday.

The monthly net collection in October was Rs 33.1 billion, which according to CBR will reach the figure of Rs 34.8 billion showing an expected improvement of Rs 1.7 billion.

The tax managers were confident to generate an additional amount of around Rs 2 billion till the finalisation of final figures. The collection may move to Rs 125.5 billion in the four months (July-October) of the current fiscal.

According to the monthly break-up of the provisional figures, sales tax receipts in October were Rs 14.9 billion, income tax Rs 10.6 billion, custom duty Rs 4.8 billion and collection of central excise duty (CED) was Rs 2.8 billion.

The CBR officials were optimistic that if the authorities succeed in collecting Rs 125.5 billion in July-October this fiscal, it will mark an improvement over 11.5 per cent.

The tax authorities have crossed Rs 90.2 billion as net collection in the first quarter (July-September) of the current fiscal 2002-2003, showing an increase of Rs 0.2 billion.

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