FBR collects Rs2.07 trillion tax in seven months

ISLAMABAD: Pakistan’s tax authorities in first seven months of the current fiscal year collected Rs2.07 trillion in taxes with 3.5% net increase compare to the previous year, ARY News

According to the Federal Board of Revenue (FBR) sources, the FBR has collected Rs2.07 trillion in taxes from July to January.

The net increase compared to the fiscal year 2017-18 was Rs69 billion or 3.5%.

The FBR’s provisional collection in January alone stood at Rs270 billion, according to the FBR’s sources.

The FBR officials expect addition of a few more billions to January’s collection after taking into account book adjustments and hope to level the last January’s collection after book adjustments are completed.

The FBR sources also indicate improvement in the sales tax receipts in the ongoing year.

The government has fixed Rs. 4.40 trillion tax collection target for this year.

The government has decided to clear Rs 120 billion worth of sales tax refunds including Rs 80 billion through promissory notes of three years.

The government also considering reforms in the tax collection mechanism to improve it and ensure achieving the revenue target.

The cabinet in a recent meeting had decided to separate policy-making from the operations of FBR but the decision remains unimplemented so far.