FBR records 31 percent decline in May collection

FBR records 31 percent decline in May collection

ISLAMABAD: Federal Board of Revenue (FBR) has recorded 31 percent decline in revenue collection during May 2020 owing to halt in economic activities after lockdown imposition.

According to provisional figures released by the FBR on Sunday, the tax authorities collected Rs227 billion in May 2020 as compared with Rs330.1 billion collected in the same month of the last fiscal year.

The massive fall in revenue collection has been attributed to halt in business activities due to lockdown which was imposed to stop spread the coronavirus.

FBR spokesman in a statement said that despite lockdown in the country the revenue body collected Rs3,518 billion during July – May 2019/2020 as compared with Rs3,266 billion in the corresponding period of the last fiscal year.

The revenue collection for the current fiscal year has been reduced to Rs3,908 billion from actual target of Rs5,500 billion initially set for the current fiscal year.

The spokesman said that the FBR so far collected around 90 percent of the assigned target of Rs3,908 billion.