ISLAMABAD - The Federal Board of Revenue (FBR) has collected over Rs2 trillion during seven months (July 2017 to January 2018) of the ongoing financial year (2017-18), slightly lower than the target.

“During first seven months of the current financial year, Federal Board of Revenue has achieved provisional net revenue collection of over Rs2 trillion as against Rs1699 billion collected during the same period of the previous fiscal year, recording an increase of more than 300 billion,” the FBR stated in an official handout. The FBR’s tax collection has shown growth of over 17 percent during seven months of the current fiscal year, which is slightly lower than the annual target of 19 percent growth.

The FBR had to collect Rs2022 billion during July-January period of the year 2017-18 as per the target. However, the FBR’s tax collection remained Rs22 billion lower than the target. The FBR remains on track to achieve annual collection target of Rs 4013 billion. The tax collection has recorded healthy growth due to the increase in regulatory duty on the imported commodities and rupee depreciation against US dollar. Around 5 percent rupee deprecation against US dollar has also increased the tax collection at imported commodities.