FBR collects Rs82 bn more than revised tax target for 2019-20
- By Web Desk -
- Jul 01, 2020
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday announced that it has collected Rs82 billion more than the revised tax collection target for the fiscal year 2019-20, ARY NEWS reported.
According to the FRB spokesman, the tax collection body collected net revenue of Rs 3,989 billion, which is Rs82 billion more than the revised target of Rs 3,907 billion for the outgoing fiscal year.
He said that the gross revenue amount for the outgoing year stood at Rs 4,123 billion, crossing the Rs4,000 billion mark for the first time in the country’s history. “Last year, the gross revenue stood at Rs 3,895 billion,” he said.
The FBR official said that despite the COVID-19 pandemic, the income tax collection witnessed a growth of five percent, sales tax nine percent and excise duty saw a growth of seven percent.
“We have also made tax refunds of Rs 235 billion, 340 percent more than the previous year which saw refunds of Rs69 billion,” he said.
The spokesman said that customs duty collection remained low during the outgoing year mainly due to intentional efforts to discourage unnecessary imports aimed at balancing the trade deficit.
Read More: Minister Excise notifies FBR of Sindh’s decision to bar taxation for fed govt
He said that the tax collection targets were initially set at Rs 5505 billion for the fiscal year 2019-20 and were later revised to Rs 4803 billion. “The targets were further revised due to COVID-19 and set at Rs 3907 billion,” he said.
The FBR spokesman said that they had achieved the revenue target despite COVID-19 pandemic that also claimed lives of 30 FBR officials including a BPS-22 official Muhammad Zahid Khokhar.