ISLAMABAD - The Federal Board of Revenue (FBR) has collected Rs814 billion during first four months (July-October) of the ongoing financial year 2015-2016.
“From July, 2015 to October, 2015, FBR made a net collection of more than Rs 814 billion as against net collection of Rs 725 billion made last year, showing an increase of 12 per cent,” said the official spokesperson of ­ FBR. The FBR has issued refunds of Rs32 billion during July-October as against Rs 29 billion issued during first four months of last year.
The break-up of the revenue collected in four months showed that FBR collected Rs319 as direct taxes during July-October 2015-2016 as compared to Rs266 billion accumulated in the same period previous year. The FBR collected Rs372 billion as Sales Tax during four months of the current financial year as against Rs355 billion of last year. The government accumulated Rs43 billion as Federal Excise Duty as against Rs47 billion of the previous year. Meanwhile, Rs112 billion has been collected as Custom duty during four months of the ongoing financial year.
During the month of October, 2015, according to the provisional figures received so far, FBR has made a net collection of more than Rs 223 billion, as against net collection of Rs. 183 billion made last year, showing an increase of 22 percent. It is expected that the final collection would further increase when the final figures are received.
“This is good news for the government as during first quarter of fiscal year 2015-16, there was a shortfall of Rs 40 billion in revenue collection,” Finance Minister Ishaq Dar said while talking to the media. The FBR had missed the revenue collection target by Rs40 billion during first quarter (July-September) of the ongoing financial year 2015-2016, as FBR collected Rs600 billion as against the target of Rs640 billion.
“The revenue collection trend during the month of October 2015 showed a marked improvement over the trend in the previous three months of the current financial year and augurs well for the efforts of FBR for achievement of the assigned revenue targets for the current year”, stated the FBR statement. It further added that 293124 Income Tax Returns have been received electronically on 31st October, 2015 which represent a substantial increase as over 117217 returns were electronically filed last year by 31st October, 2014.
Briefing session on TRC
recommendations
Meanwhile, Finance Minister Ishaq Dar chaired a briefing session on the recommendations prepared by the Tax Reforms Commission (TRC). Chairman FBR gave a detailed presentation on these recommendations also putting forth viewpoint of FBR on the same.
The recommendations among other measures for reforming the tax system, particularly emphasize simplification of laws, filing procedures and developing and promoting their Urdu versions for benefit of both the filers as well as the public at large. The TRC also stressed the need for firmly establishing the IT regime to improve working of the tax system.
The minister appreciated the hard work undertaken both by the TRC and the FBR. He directed that viable recommendations be prioritized and categorized for implementation in short, medium and long term.
The minister said that recommendations in the short term category would be implemented on priority. He said the government attached great importance to these recommendations. These would help achieve the government’s objective of promoting tax culture through enhancing the quality of taxation system and facilitating the tax payers as well as encouraging prospective filers to become tax payers.