ISLAMABAD - The Federal Board of Revenue (FBR) collected Rs3112 billion during the fiscal year (2015-16) that ended on 30th June as against Rs 2589 billion in the preceding year, thereby registering 20% increase over the last year.

“The FBR through its sustained and untiring efforts was able to achieve and surpass the revenue targets for the just concluded financial year,” stated an official handout released by the FBR on Monday.

As per the provisional collection figures, FBR has made a net collection of Rs 3112 billion for the year ended 30th June 2016. It has collected Rs 1217 billion as Income Tax, showing a growth of 18% over the last year. The collection of Sales Tax in this period was Rs 1357 billion with a growth of 19%. Rs 401 billion were collected under the head of Customs duty, thereby giving an increase of over 30% as compared to the last year and Federal Excise Duty to the tune of Rs 192 was collected, thus reflecting an increase of 11% over the collection for the last year. After deducting the cash refund of Rs 54 billion disbursed during the period, the net collection of Rs 3112 billion against the assigned target of Rs 31104 billion was recorded.

The above figures clearly show that FBR achieved its assigned revenue targets through its own efforts and from streamlining the collection of taxes and duties that fall in the purview of FBR and no non-tax revenues were accounted for by the FBR to inflate its revenue figures.

FBR also wants to highlight that the originally assigned targets have been achieved without any downward revision which is an unprecedented accomplishment and speaks of the success of the economic policies being followed by the present government.