ISLAMABAD - The Federal Board of Revenue (FBR) has collected Rs143.19 billion during first month (July) of the ongoing financial year 2015-2016 as against the collection of Rs133.96 billion in the same period last year with growth of 7 percent.
According to a senior officer of the FBR, the FBR collected Rs57.029 billion under Income Tax during July 2015 as compared to Rs46.12 billion of July 2014. It accumulated Rs74.12 billion as Sales Tax in July 2015 as against Rs 71.89 billion of the corresponding month of the previous year.
The FBR has collected Rs4.27 billion as Federal Excise Duty (FED) in the first month of the current fiscal year, which is 20 percent lower than the collection of previous year when it stood at Rs5.35 billion. Meanwhile, it has accumulated Rs22.45 billion as Custom Duty in July 2015 as against Rs141 billion of the same period of the last year.
The tax department has refunded Rs14.67 billion in July 2015, as it refunded Rs 7.039 billion in July 2014.
It is worth mentioning here that government had set the tax collection target at Rs 3.1 trillion for the ongoing fiscal year 2015-2016 as against Rs 2.6 trillion of the previous year with a growth of more than 19 percent. The government imposed new taxes and withdrew tax exemptions worth Rs 253 billion by imposing fresh taxes. The government has introduced new customs duties worth of Rs 41.95 billion, sales tax and Federal Excise Duty Rs 54 billion and income tax Rs 142.3 billion in the budget. The government has also withdrawn tax exemptions worth of Rs 132 billion for the next fiscal year.