Latest
FBR meets Rs4 trillion tax target despite pandemic challenges

FBR meets Rs4 trillion tax target despite pandemic challenges

The tax collection was 50 billion rupees more than the revised target

The Federal Board of Revenue (FBR) overshot its target of tax collection by about 50 billion rupees for the fiscal year 2019-20 despite coronavirus pandemic affecting the process. The tax authority was able to collect 3.957 trillion rupees against the target of 3.907 trillion rupees for the financial year.

It is the first time that FBR has been able to collect taxes to the tune of 4 trillion rupees during a fiscal year. Business closures and lockdowns have struck the economy and businesses in the country due to the novel coronavirus during the last quarter.

The original tax collection target at the start of the 2019-20 financial year was 5.55 trillion rupees. However, the target was revised several times due to the ongoing conditions and was finally settled at 3.908 trillion rupees.

FBR collected sales tax amounting to 1.599 trillion rupees, an increase of over 9% from 1.462 trillion in the prior year. The Federal Excise Duty (FED) collection rose by 6.8% to 257.28 billion rupees, increasing from 241 billion rupees in the previous fiscal year.

The refunds to the taxpayers also increased by approximately 85% to 127.8 billion rupees, up from 69 billion rupees in the previous fiscal year. Customs duty collection lowered to 619.26 billion, down by 9% from 679 billion in the same period of the previous fiscal year. The lower collection resulted from lower imports during the last quarter of the fiscal year due to the novel coronavirus.

FBR, in a statement, said that over thirty of its employees have succumbed to COVID-19, including grade-22 Customs Officer Muhammad Zahid Khokhar. The authority praised the hard work by its workforce, which continues to give its one hundred percent despite the risks associated with the pandemic.

About Web Staff

Copyright © 2020 TVI