FBR tax collection in six months crosses target set by IMF

ISLAMABAD: The Federal Board of Revenue has crossed the IMF’s tax target in first six months of the current fiscal year, citing sources ARY News reported on Saturday.

“The International Monetary Fund (IMF) had set Rs 4.425 trillion revenue collection target for six months while Rs 4.44 trillion tax has been collected in the period,” sources said.

The target was 35% above in comparison to last six months of the previous year.

According to sources, the FBR collected 2.13 trillion with 730 billion increase in income tax, while 1.5 trillion were collected in sales tax and 265 billion rupees in federal excise duty.

The revenue board collected 540 billion rupees in customs duty, which were 100 billion rupees down to the set target.

More than 50 billion rupees target has been set for the last two days of the year.

All FBR offices and banks have been directed to keep open on Saturday and Sunday till late night for tax collection.

The tax defaulters’ telephone, electricity and gas connections will be disconnected under the IMF conditions.