ISLAMABAD - The Federal Board of Revenue (FBR) has collected Rs2345 billion taxes during first ten months (July-April) of the ongoing financial year 2015-2016.

“The FBR has accumulated Rs242 billion in the month of April as against Rs183 billion collected in the corresponding month of the previous year, showing a growth of 32 percent”, said Dr Mohammad Iqbal, spokesperson of the FBR, while talking to The Nation. He further said that collection in July-April period has gone up to Rs2345 billion, which is expected to increase in next few days. Revenue collection has shown growth of 19 percent during July-April 2015-2016 over the corresponding months of last year.

The FBR would have to collect Rs759 billion in remaining two months (May and June) of the outgoing financial year to achieve the annual tax collection target of Rs3104 billion. “We are well on track for achieving annual target,” said a senior official of the FBR. He added that tax collection had shown an impressive growth despite a massive fall in international oil prices.

Sources informed that tax collection has enhanced due to the imposition of Rs40 billion mini budget introduced in December 2015 and massive tax refunds of the exporters withheld by the tax department of the government. The Federal Board of Revenue had refunded only Rs47 billion during July-March (figure of April yet to come), which is roughly 10 percent or Rs5 billion less than the corresponding period of previous fiscal year.

The International Monetary Fund (IMF) in its latest report noted that Pakistan’s tax collection significantly strengthened in the second quarter (October to December) of the current financial year and is slated to further benefit from the full-year effect of recent revenue measures, including increases in petroleum taxes and the introduction of regulatory duties and excises on a variety of products.