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Reading: Income Tax collection on demand falls 10pc
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PhotoNews Pakistan > Business > Income Tax collection on demand falls 10pc
Business

Income Tax collection on demand falls 10pc

Web Desk
By Web Desk Published October 18, 2014 1 Min Read
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Income tax collection on demand fell by 9.9 per cent in 2013-14 from a year ago.

According to official statistics, collection on demand, an important component of income tax, dropped to Rs80.582 billion in FY14 from Rs89.427bn.

The Federal Board of Revenue (FBR) has established 19 regional tax offices and revenue collection is mainly done through at-source deduction, which ranges between 80pc and 90pc.

As per statistics, the efforts of income tax officials only led to 8.7pc of the total income tax collection during the fiscal year as against 11.5pc in the previous year. The reason for decline is lack of audit for several years due to which fresh demand has not been created that could translate into collection.

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