FBR tax collection reaches Rs593 billion during July-August

ISLAMABAD: The spokesperson of the Federal Board of Revenue (FBR) said on Monday that the tax collection during the first two months of the current fiscal year reached Rs593, which is more than the target of Rs551 billion, ARY News reported.

The FBR spokesperson said it generated more in tax revenue than the set target for the first two months of the current financial year.

Releasing the statistics of the first two months of tax collection in July and August, an additional Rs42 billion was collected by the institution.

It said the original target for the months was Rs551 billion, whereas, the collections reached to Rs593 billion during the period.

تفصیلات کے مطابق ایف بی آر نے مالی سال 21-2020 کے پہلے دو ماہ کے مقر ر کردہ ہدف 551 ارب کے مقابلے میں 42 ارب کے اضافہ کے ساتھ 593 ارب اکھٹے کئے ہیں جو کہ مقر رکردہ ریوینیو ہدف کا 108 فیصد بنتے ہیں۔ 2/14

— FBR (@FBRSpokesperson) August 31, 2020

The collections are more than the amount amassed in the corresponding period last year, as well. In the preceding year, the first two months rallied up Rs582 billion in tax collection or in other words, Rs11 billion less than the amount now.

Moreover, Rs30.6 billion in tax refunds were made to filers amid the fight against Covid-19, said the FBR. The statement added that the regulatory is dedicated to resolving the issues faced by traders.

ایف بی آر تجارت سے وابستہ افراد کے مسائل کے حل کے لئے بھی کوشاں ہے ۔کرپشن سے پاک ایف بی آر کی کوششیں بھی جاری ہیں اور جولائی کے ماہ سے اب تک 76 افسران و اہلکاروں کو برطرف اور معطل کیا جا چکا ہے۔6/14

— FBR (@FBRSpokesperson) August 31, 2020

The regulator also noted that 75 FBR officers had been suspended or terminated during July and August for furthering its stance on transparency and curbing corruption.

Last month, the FBR official said that despite the COVID-19 pandemic, the income tax collection witnessed a growth of five per cent, sales tax nine per cent and excise duty saw a growth of seven per cent.

Read: FBR tax collection surpasses targets in first month of 2020-21

“We have also made tax refunds of Rs 235 billion, 340 per cent 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.