FBR records Rs345 billion revenue collection during July-January

ISLAMABAD: Federal Board of Revenue (FBR) on Sunday announced witnessing more than 17 per cent revenue collection up to Rs345 billion between July to January after collecting Rs897.5 billion income tax during the first seven months of the fiscal year, ARY News reported.

The spokesperson said the target of FBR’s tax collection was Rs920 billion while the collection remains more than 18.1 per cent as compared to the previous year. The institution collected sales tax worth Rs996.6 billion while its target was Rs1039 billion but a rise of more than 24.7 per cent was recorded.

The statement read that FBR gathered tax collection up to Rs2407.7 billion against the target of Rs2509 billion during the seven months, recording a hike up to 16.7 as compared to the previous year.

Till the end of February 2020, FBR received tax returns worth Rs2.56 million which stood at Rs0.4607 million during the previous year.

On March 3, Acting Federal Bureau of Revenue (FBR) Chairman Dr Nausheen Amjad had said that an unprecedented 160 per cent increase in tax filers was witnessed during the ongoing year as one million more taxpayers have been registered with the tax authority.

Giving a briefing to the National Assembly’s (NA) Public Accounts Committee (PAC), the acting FBR chief said that the tax revenue is facing a shortfall of up to Rs 307 billion due to the decline in exports.

She said that although the tax collection remained lower than the set targets however it was still far better than the previous year as they had achieved 97 per cent of previous year’s tax target during the first seven months of the ongoing year.

“We have collected Rs 345 billion more tax during seven months of this year as compared to the same period during the past year,” she said adding that their tax target was initially set at Rs 5500 billion but was revised upto Rs 5250 after successful talks with the International Monetary Fund (IMF).