FBR revenue 'misses' 1st-quarter target by Rs199 billion

ISLAMABAD: Pakistan’s tax revenue witnessed a major setback due to the recent floods, with the Federal Board of Revenue (FBR) recording a shortfall of Rs156 billion in September alone, ARY News reported on Wednesday, citing sources.

According to data, the FBR fell short of its first-quarter (July–September) target by Rs199 billion. Against the set target of Rs3,083 billion, collections stood at Rs2,885 billion during the quarter.

During this period, the FBR also issued refunds worth Rs157 billion.

In terms of collections, Rs1,395 billion came from income tax, Rs1,130 billion from sales tax, Rs190 billion from federal excise duty, and Rs324 billion from customs duty.

Sources said that the floods caused an estimated loss of at least Rs60 billion in tax revenue.

In a separate development, the Federal Board of Revenue night extended the date for submission of Income Tax Returns till October 15, the FBR stated.

The government taking a major step for the people has extended the deadline for the submission of the Income Tax Returns for a more 15 days.

The FBR has issued a notification in the regard as well stating the Income Tax Returns can be submitted till October 15. The FBR sources apprised that as many as 400000 or 0.4 million people have submitted the Income Tax Returns.

The tax payers can swiftly file their Income Tax Return through a simple Income Tax Return form available on the FBR website. Earlier, the FBR has announced September 30 as the last date for the filing of the Income Tax Returns.

It is pertinent to mention here that the Business community has been demanding the extension in the deadline of the filing of the Income Tax Returns.