FBR felicitates historic quarterly tax collection exceeding Rs1tr mark

ISLAMABAD: Federal Board of Revenue (FBR) has released figures for the total tax collection in first quarter of the fiscal year 2020-21 on Friday, noting the revenue soared by Rs34 billion over set target, ARY News reported.

The press release by the taxation board asserted its performance citing a total collection of over Rs1 trillion in tax revenues. It said that FBR was able to amass a revenue of Rs1004 billion (Rs1.004 trillion)  which was more than the set target for the first quarter.

According to the federal revenue board, it is the first time it could collect over Rs1 trillion in both gross and net revenues over a quarter period.

The tax collector had set, according to its press release, the quarterly target of Rs970 billion for the months July, August and September. Upon conclusion of the quarter, it said, it could accumulate Rs34 billion more than the set target.

According to the break-up of total collections, specified by the tax collection board in the press release, it collected Rs358 billion in income tax revenues and Rs426 billion in sales tax.

READ: Karachi’s Saddar market highest tax contributor in Pakistan

Other than that, the board laid out excise collections to be Rs56 billion and total customs duties to be Rs64 billion across the quarter.

The total gross earnings of the quarter have been accounted to be at Rs1.05 trillion.

The board noted the total tax returns disbursed were to the tune of Rs48 billion throughout the quarter which is Rs21.5 billion more than the last quarter disbursements.

The total tax returns incurred in the last quarter were Rs26.5 billion, the press statement said.