FBR Profit Collection scarcity by Rs90 billion for FY2018

ISLAMABAD:  The Federal Board of Revenue (FBR) is facing difficulties to collect revenue as per targeted at Rs3.935 trillion, a scarcity is observed of about Rs90 billion for the period of financial year 2017-2018.

The officially agreed profit collection by parliament in the previous year was of Rs4.103 trillion, and later it was modified to Rs3.935 trillion in the past some months.

At the end of FY2018, the projected amount for revenue collection is coming around Rs3.844.5 trillion, which also consist of Rs100 billion obtained from the tax amnesty scheme. The budget discrepancy can exceed 7%, as the target for collection revenue was Rs3.935 trillion. Also, more likely it will go beyond to Rs190 billion for FY18, if the revenue recognition from tax amnesty scheme is barred which worth Rs100 billion. However, the final amount is not yet finalized for the period of FY 2018. .

According to sources, Higher management of FBR also presented an extraordinary detiled report to Finance Minister Dr Shamshad Akhtar related to revenue recital of the tax regulations for the span of FY18.

Dr Akhtar then acquainted officials, it is not easy to collect revenue under the name of tax amnesty scheme, it’s not an easy task for the tax collector.

According to sources, the finance minister has strictly passed orders to FBR officials to refrain from disclosing the tax collection figures to the media.