The Federal Bureau of Revenue (FBR) has surpassed its envisaged tax collection target by Rs39 billion in the first two months (July and August) 2020 as the tax authorities fetched Rs593 billion revenues against the assigned target of Rs551 billion.
However, the FBR has failed to manage the assigned target of August 2020 as the tax collection stands at Rs293 billion against the fixed target of Rs308 billion. Owing to the marvelous performance of first month (July 2020) whereby the tax collection surpassed by Rs57 billion against the target of Rs243 billion, the overall collection so far showed surpassing the desired target.
Net revenue figure of tax collection
According to an FBR announcement made on Friday night stating that on the basis of State Bank Of Pakistan (SBP)’s provisional figures, the FBR has reported a net revenue figure of Rs1,004 billion exceeding the given target of Rs970 billion by a margin of Rs34 billion.
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Income Tax collection for the quarter stood at Rs358 billion. Similarly, collection of Sales Tax, Federal Excise Duty and Customs Duty remained at Rs426 billion, Rs56 billion and Rs164 billion respectively. This is the first time FBR has managed to cross the figure of Rs1 trillion in gross as well as net collection in first quarter of a fiscal year. The gross revenue stood at Rs1052 billion.
This is despite the fact that during the 1st quarter of the current fiscal year, refunds to the tune of Rs48 billion against only Rs26.5 billion last year have been issued, which has greatly helped boost the economic activity in the country.
FBR tax collection for the month of September
The FBR has collected Rs 400 billion during the month of September 2020 against the target of Rs 418 billion for the said month, reflecting a shortfall of Rs 18 billion.
The FBR has provisionally collected Rs 400 billion during September 2020 against Rs 380 billion in September 2019, showing an increase of Rs 20 billion.