FBR surpasses thrice revised tax collection target by Rs50b.
ISLAMABAD -- The Federal Board of Revenue (FBR) has surpassed the thrice revised tax collection target by Rs50 billion during the fiscal year 2019: 20 that ended yesterday (Tuesday).
The FBR has collected Rs3957 billion during fiscal year 2019: 20 as against the revised tax collection target of Rs3907 billion. Meanwhile the FBR has also met the monthly tax collection target as it has collected Rs411 billion in the month of June as compared to the target of Rs398 billion. Officials said that tax collection would further increase when the final data will be compiled.
According to FBR this is the first time in the history that FBR has managed to achieve the target of four trillion rupees in a financial year which is particularly commendable in the wake of ongoing Corona outbreak. It is pertinent to mention that FBR has lost more than thirty employees due to Corona Virus which also include a grade: 22 Customs Officer Muhammad Zahid Khokhar. FBR employees have been performing their duties with great devotion and zeal particularly in such dangerous situation when their own lives were at stake due to Corona outbreak the FBR said in a statement.
The federal government had downward the tax collection target several times in previous fiscal year. Initially the federal government had set tax collection target at Rs5.55 trillion for the last financial year. But it was revised downward to Rs5238 billion after first review of IMF under $6 billion Extended Fund Facility (EFF) programme. However the FBR has struggled to achieve its monthly targets which led to further reduce the target to Rs4.8 trillion. Later after Covid: 19 the International Monetary Fund (IMF) further slashed down the FBRs tax collection target to the tune of Rs3907 billion for outgoing fiscal year. The government had missed...
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