Tax collection increased by 17 percent in 2019-20: FBR

KARACHI: The Federal Board of Revenue (FBR) has clarified that it had generated a record Rs2407 billion tax revenue in the first seven months.

The FBR witnessed a 17 per cent increase in tax revenue as compared to last year, reads a FBR statement. It further adds FBR last year had collected Rs2062 billion tax.

This increase has been registered despite a US $5 billion compression in imports, the board said in a statement issued here.

On the other hand domestic collection has increased from Rs1066 billion last years to Rs1341 billion this year, showing unprecedented increase of 27%.

The FBR on Saturday announced that it generated Rs 320 billion in terms of tax revenue during January 2020. The FBR spokesman further announced a 30 percent increase in internal tax collection. “This collection is unprecedented in Federal Board of Revenue history,” he said adding that a 40 percent increase was also witnessed in the number of tax filers this year.

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He said that the increase depicts increasing confidence of the masses on the tax collection body. “The tax filers during the year 2019 were 1,645,828 and witnessed a sharp increase of upto 2,342,682 till 31 January 2020,” he said.

He further said that the refunds also increased from Rs 65 billion in the previous year to Rs 120 billion in the incumbent year.