ISLAMABAD   -  The Federal Board of Revenue (FBR) has collected Rs1,337 billion in first four months (July to October) current fiscal year, exceeding the target by Rs15 billion.

“Federal Board of Revenue (FBR) has collected Rs1,337 billion net revenue in the current Fiscal Year from July to October whereas it was Rs1,288 billion in the previous year,” said FBR in a statement. The government has exceeded the four months target by Rs15 billion. The FBR provisionally collected Rs1,337 billion as against the July-October target of Rs1322 billion. The government has set the tax collection target at Rs4,963 billion for the current fiscal year.

The breakup of tax collection showed that income tax collection for July to October stood at Rs470 billion. Similarly, collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs643 billion, Rs81 billion and Rs206 billion respectively. FBR has collected gross revenue of Rs1,400 billion in the first four months from July to October which was Rs1,323 billion in the previous year thus showing an increase of Rs77 billion in the current year. For the month of October only, the total collected revenue stood at Rs333 billion which was Rs325 billion in the same month last year.

In the first four months of current Fiscal Year, refunds to the tune of Rs128 billion against only Rs52 billion last year have been issued, which has greatly helped boost the economic activity in the country. The refunds issued during the month of October this year are over Rs15 billion which were Rs4.5 billion in the corresponding month last year. Despite increase in refunds, FBR has still managed to cross the revenue collection of October last year.

FBR’s appreciable performance is despite the fact that the economy has been sluggish in the wake of on-going COVID-19 pandemic. Moreover, the Government had extended significant tax relief measures to the public in the Finance Act, 2020 and there was drop in revenues at import stage at 2%. However, the domestic revenues grew at 13% in these four months which reflected taxpayers’ growing confidence on the revenue measures being taken by the present government.

During the first four months of current Fiscal Year, smuggled goods worth Rs21.48 billion have been seized as compared to seizures of Rs13.40 billion during the corresponding months of 2019. 

FBR is fully geared towards automation, e-audit, and simplification of procedures, e-payment of duty draw back so as to add to Ease of Doing Business (EoDB). Furthermore, FBR has launched an effective crackdown against corruption, harassment, and misuse of authority. FBR has introduced a simplified one pager Income Tax Returns for the retailers in the current Tax Year. Moreover, FBR has also uploaded Income Tax Returns in Urdu and Regional languages for the retailers and salaried people. FBR has appealed the taxpayers to avail these facilitative measures and ensure filing to Annual Income Tax Returns before the last date i.e. 8th December, 2020.