ISLAMABAD: The revenue collection target for fiscal year 2019/2020 appears to be more difficult as Federal Board of Revenue (FBR) requires Rs4,267 billion more in remaining eight months to achieve Rs5,550 billion tax collection target for current fiscal year.
The FBR provisionally collected Rs1,283 billion during first four months (July – October) of fiscal year 2019/2020, which is only 23 percent of the total target of Rs5,550 billion set for the current fiscal year.
The FBR is now required to collect Rs533 billion as average monthly collection in the remaining eight months of the current fiscal year, which appears to be tough ask.
In a tweet message, Chairman FBR Shabbar Zaidi on Thursday, “FBR has collected Rs 320 billion during the month October 2019 and has maintained overall increase over last year of 16 percent and domestic tax over 25 percent. This is after taking into account negative aspect of import contraction of around Rs 50 billion.”
Reportedly, the FBR collected Rs566 billion as sales tax during first four months, followed by about Rs468 billion through income and about Rs109 billion in customs.
The remaining Rs137 billion came were collected via other taxes including Rs71 billion in federal excise duty.
