FBR recovers 96 % of its tax collection target for July

ISLAMABAD: The Federal Board of Revenue (FBR) has recovered 96 percent of the tax recovery target fixed for the first month of the new financial year 2019-20, ARY News reported on Thursday.

According to FBR sources, the tax collection authority recovered 27 billion rupees more in July this year than the tax amount recovered in the first month of the previous fiscal year.

Initial recovery figures suggest that the volume of the tax recoveries in July remained 278 billion rupees, which is 27 billion more than the tax amount collected in July last year, FBR sources said.

The FBR had collected tax amount of 251 billion rupees in July 2018, sources said.

FBR sources have claimed that July 2019 has registered discernible hike in tax receipts and more increase in tax recoveries is expected next month.

The figures also indicated an obvious decrease in import taxes.

The government took financial measures of upto 770 billion rupees in federal budget for fiscal year 2019-20. A target of 5550 billion rupees tax collection was fixed in the budget for the ongoing financial year.