Monday, April 15, 2024

The FBR exceeds the seven-month tax goal by Rs17b

The Federal Board of Revenue (FBR) met its collection target of seven months (July-Jan) by Rs17 billion since it received Rs2.568 billion against the target of Rs2.551 billion.

The FBR’s monthly target for January 2021 was Rs341 billion, though Rs363 billion was set, beating the target by Rs22 billion.

“The revival of stalled IMF program is round the corner and therefore the FBR’s performance for achieving its target for January 2021 will help restoring confidence of collection machinery,” said one top official of FBR.

Now, the FBR machinery could claim the IMF that they might achieve the annual collection target of Rs 4,963 billion envisaged for the present financial year .

The FBR’s top official said that internet revenue collection stood at Rs363 billion which was 12% higher over an equivalent month of last financial year then far the very best during the present financial year . He said that the economic activities started learning so its impact was appearing on revenue collection efforts.

Now the FBR will need to collect Rs2,395 billion within the remaining five months (Feb to June) for displaying the specified fixed target of Rs4,963 billion on June 30, 2021.

The FBR had collected net revenue of Rs2,205 billion from July to December which showed a growth of fifty over Rs2101 billion which was collected during an equivalent period last year.

The tax collection for July to December stood at Rs816 billion. Similarly, collection of nuisance tax , Federal Excise Duty, customs remained at Rs915 billion, Rs127 billion and Rs336 billion respectively.

During the primary six months of the present financial year , smuggled goods worth Rs30 billion were seized as compared to seizures of Rs22 billion during the corresponding months of 2019.

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