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First quarter collection
34.9% growth in ST boosts FBR revenue
* Domestic, individual tax collection grow 29.3 percent, 27.7 percent, respectively By Sajid Chaudhry ISLAMABAD: Some 34.9% growth in sales tax collection during the first quarter has helped Federal Board of Revenue (FBR) boost sold revenue, bringing the overall tax collection figure to Rs 373.819 billion in the first quarter (July-September) of the current fiscal year 2010-11 with a 27.4% growth. The latest tax collection projects an increase of 27.4% over the same period of last fiscal year. According to a provisional tax collection chart released on Tuesday, FBR announced that provisional tax collection has been recorded at Rs 373.819 billion for July-September period of 2011-12. FBR had collected Rs 293.496 billion in the first quarter of the last fiscal year 2010-11 and with the collection of Rs 373.819 billion, the tax authority has posted a whopping 27.4% growth in revenue collection in first three months of the current fiscal year. Domestic tax collection that included direct taxes (income tax), sales tax and federal excise duty, has been recorded at Rs 331.312 billion in July-September period of 2011-12 as compared to Rs 256.331 billion in the same period last fiscal year, projecting an increase of 29.3%. Individual tax collection performance of direct taxes revealed that direct taxes collection amounted to Rs 122.189 billion in first quarter of 2011-12 against Rs 95.718 billion collected in the same period of last fiscal year 2010-11, indicating an increase of 27.7%. Sales tax collection stood at Rs 180.415 billion in July-September period of this fiscal year against collection of Rs 133.702 billion in the same period last fiscal projecting an increase of 34.9%. Sales tax at import stage amounted to Rs 104.124 billion first quarter of this fiscal against Rs 63.957 billion in same period last fiscal, indicating an increase of 62.8%. Sales tax collection from domestic economic activity recorded a growth of 9.4% and amounted to Rs 76.291 billion in first quarter against the collection of Rs 69.745 billion in the same period of last fiscal year. Federal Excise Duty also witnessed a growth of Rs 6.7% and its collection has been recorded at Rs 28.708 billion in first quarter this fiscal as compared to Rs 26.911 billion in the same period of last fiscal year. FED at import stage witnessed a negative growth of 44% and its collection has been Rs 2.188 billion against collection of Rs 3.906 billion in same period last fiscal. However, FED from domestic activities witnessed a growth of 15.3% and totaled at Rs 26.520 billion in first quarter against collection of Rs 23.005 billion in same period of last fiscal. Customs duty collection has been recorded at Rs 42.507 billion in first quarter of ongoing fiscal year as compared to collection of Rs 37.165 billion in same period of last fiscal indicating an increase of 14.4%. Month on month: Tax collection picked up in the third month of ongoing fiscal year and stood at Rs 145.073 billion in September 2011 as compared with Rs 116.408 billion collected in September 2010, indicating a growth of 24.6%. In September 2011, FBR collected direct taxes worth Rs 128.709 billion against collection of Rs 102.240 billion, sales tax Rs 57.387 billion against collection of Rs 51.610 billion, federal excise duty Rs 8.957 billion against Rs 9.206 billion and customs duty at Rs 16.364 billion against collection of Rs 14.168 billion in the same period of last fiscal year. FBR has in its revenue collection chart has not mentioned any figure about the release of refunds and rebates during the first quarter of the ongoing fiscal year 2011-12.
Gas suspension to plants may create fertiliser
shortage
ISLAMABAD: Timely import and un-interrupted gas supply for
the fertilizer industry was essential to avoid any shortage and price hike of
fertilizers in the local markets during the current sowing season (Rabi) in
the country.
An official in the National Fertilizer Development Corporation (NFDC) told APP here on Tuesday that unscheduled gas load shedding had been hampering the domestic fertilizers production. He said that due to the load management, the domestic fertilizer manufacturing units were not running at optimal level of production which was increasing the demand and supply gap for the major agri-input for the Rabi season. The Sui Northern Gas Pipe Line (SNGPL) has already curtailed 20 percent gas supply to the industry of its four companies including Engro new plant, Dawood Hercules, Agritech and Pak-Arab Fertilizers, he added. The Marri Gas Company, he said has also curtailed 12 percent its gas supply to the Engro old plant, Fauji Fertilizers Mirpur Mathelo and its other plants in Goth Macchhi. If the un-scheduled gas load shedding persists, the demand supply gap will further deepened and it will create shortage of the fertilizers and increase the prices as well, he added. The official further informed that if gas supply will not be managed for domestic fertilizer units, other option for the government is to import the input to fulfil the domestic requirements, which will increase the burden in the national exchequer. He said that the government would pay Rs 1,300 to 1,400 subsidy per bag of imported fertilizer costing approximately Rs 21 billion. “In domestic markets average prices of 50 kilogramme (kg) urea bag was Rs 1360, while the imported fertilizer will cost Rs 3200 per 50 kg bag,” he added. About 293,000 tonnes of fertilizer was in stock on September 30 for the Rabi season starting from October 1 whereas on August 31, there was stock of 101,000 tonnes of fertilizer, he added. He said that due to deregulated market, the fertilizer prices were determined on basis of its demand and supply. He said that the total demand of fertilizer for Rabi season was 3,356,000 tonnes while its domestic production was 2,610,000 tonnes and the remaining 765,000 tonnes. Due to floods in Sindh, the consumption of fertilizer would decrease by 5 percent, as its consumption of the province was 20 percent of the total consumption of the country while Punjab consumed 70 percent, he said. App
Pakistan refusing to cooperate in Rabbani probe
NDS chief says Pakistan’s embassy has told them since
issue has arisen in media, Islamabad cannot cooperate and apologises for that
KABUL: Afghanistan, on Tuesday, accused Pakistan of refusing to cooperate with investigations into the killing of Kabul government peace envoy Burhanuddin Rabbani. “Today we received a message from the embassy of Pakistan saying that since this issue has arisen in media, we cannot cooperate and we apologise for that,” said Mohammad Yasin Zia, deputy head of the National Directorate of Security (NDS) intelligence agency. He said Afghan investigators wanted to meet the head of Pakistan’s Inter-Services Intelligence (ISI), General Shuja Pasha, “but they didn’t show any interest.” Relations between Afghanistan and Pakistan have long been characterized by mutual suspicion, but tensions have been rising over accusations of responsibility for cross-border attacks and insurgent attacks. Pakistani officials were not immediately reachable for comment Tuesday, but Islamabad this week rejected allegations from Afghan Interior Minister Bismillah Mohammadi that the ISI was linked to Rabbani’s assassination. Rabbani’s killing in Kabul on September 20 has prompted President Hamid Karzai to reconsider his strategy for talking peace with the Taliban. In a televised address on Monday, Karzai condemned Pakistan’s “double game” on terrorism in Afghanistan. Many Afghans are suspicious of Pakistan’s connections to the Taliban-led insurgency in their country. “After all the destruction and misery, the double game towards Afghanistan and the use of terrorism as an excuse still continues,” Karzai said. “Pakistan has not supported our efforts to bring peace and security to Afghanistan, which is very unfortunate.” But despite this condemnation, Karzai nonetheless restated the view that negotiations had to go through Pakistan in order to get to the Taliban. The NDS, Afghanistan’s intelligence service, said it had handed evidence in Rabbani’s killing to Pakistani officials to take action last Thursday. Afp |
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