Tax collection grows 11.4% to Rs3.751 trillion in 2017-18: FBR

ISLAMABAD: The net revenue collections by the Federal Board of Revenue (FBR) recorded increase of 11.4 percent during Fiscal year 2017-18 as compared to the corresponding period of last year, however the board fell short of collection target during the fiscal year.

The Federal Board of Revenue collected revenues of Rs3751 billion during fiscal year 2017-18 against the collection of Rs3368 billion during FY 2016-17, according to provisional figures released by the board here on Monday.

The collection excludes the collection on account of book adjustments for June, 2018 while the board also issued Rs45 billion more refunds than the previous year, according to the
data.

According to the data, the board missed the target by Rs184 billion during the fiscal year under review. The board had set collection target of Rs3935 billion, however it was successful to realize Rs3751 billion.

According to breakup figures, FBR surpassed the target customs duty collection by Rs6 billion as it collected Rs606 billion against the target of Rs600 billion for the fiscal year 2017-18.

The board missed the Inland Revenue targets by Rs 190 billion as it collected Rs 3145 billion against the target of Rs 3335 billion. It collected Rs 1441 billion under the head of Income Tax against the target of Rs 1562 billion, showing shortfall of Rs 121 billion.

Similarly, it missed the Sales Tax target by Rs 53 billion by collecting Rs 1488 billion against the target of Rs 1541 billion while the federal excise target was also missed by Rs 16 billion as the board collected Rs 216 billion against the target of Rs 232 billion.