ISLAMABAD - The Federal Board of Revenue (FBR) collected Rs 2103 billion in first nine months (July-March) of current fiscal, showing an increase of 19.7 percent over same period of previous year.

A meeting to review performance of FBR and finance division was held here Tuesday. The meeting was presided over by Finance Minister Senator Mohammad Ishaq Dar. A press statement issued by the spokesman of the Ministry of Finance said that the meeting noted that FBR had continued to display exceptional performance in the third quarter as well and had clocked an unprecedented revenue collection of over 2103 billion for the first nine months of fiscal year.

Chairman FBR Nisar M Khan informed the meeting that impressive growth in revenue had been achieved despite a massive decrease in fuel prices, persistent recessionary trends in global economy, drop in commodity prices and low inflation.

The 19.7 percent revenue growth also reflects a qualitative improvement as for the first time in many years, revenue targets have not been revised downward throughout this fiscal year and so far the revenue generation remains steady and in some areas better than initial projections, chairman FBR said.

During the quarter ending March, 2016, according to the provisional figures received so far, FBR has made a net collection of around Rs 718 billion as against Rs588 billion collected during third quarter of 2014-15, showing an increase of 22.1pc. The revenue collection trend during the first nine months of the financial year, the meeting noted, augurs well for the efforts of FBR towards achievement of the annual assigned revenue targets.

Finance Minister commended efforts of SAPM on Revenue, Haroon Akhtar Khan, Chairman Nisar Mohammad Khan and his whole team for impressive revenue collection. He expressed the hope that FBR shall keep up its good performance in the last quarter.

Secretary Finance Division, Dr Waqar Masood Khan informed that targets for net international reserves, net domestic assets and SWAP were achieved for the third quarter and performance criteria for the quarter has been achieved.