IRD marginally exceeds revenue collection target
The government has been able to exceed its revenue target marginally – in the first eight months of the current fiscal year – due to an increased income tax.
The Inland Revenue Department has been able to mobilise Rs 79.25 billion in taxes by mid-March. The collection is 102 per cent of the target, said the department that had targeted Rs 77.779 billion in revenue by mid-March.
The revenue administration has been able to mobilise Rs 41.4 billion in income tax, Rs 21.03 billion in VAT and Rs 16.21 billion in excise duty, respectively, according to the department that has claimed that the mobilisation is 117 per cent higher than the last fiscal year's eight months.
Likewise, the department has been able to mobilise Rs 1.41 billion in rental tax, Rs 4.27 billion in interest tax, Rs 294.3 million education service tax, and Rs 279.6 million health service tax during the period.
The increase in tax has been possible also due to increase in tax net, and regular campaigns to promote tax compliance, the department claimed, adding that increased income tax also due to increased businesses confidence.