LAHORE: Excise and Taxation Punjab has asked Punjab Government to reduce the revenue target by Rs 1.5 million for the current fiscal year 2014-15.
In annual budget 2014-15, Punjab government assigned the target of Rs 20 billion to excise department but the government revised the revenue target in March-2015 and set new target Rs 22 billion for excise department by increasing Rs 2 billion.
An official informed Customs Today that excise has written letter to Punjab government to cut the target as the department is facing shortfall in wake of motor vehicle tax and professional tax. He informed that department could collect only 60 percent of the set target of vehicle and professional tax in three quarters of the year and it would be difficult to achieve other 40 percent in last quarter.
It is important to mention here that excise has achieved 100 percent target of property tax during three quarters of current fiscal year 2014-15.