Income tax collection from doctors surges by 135pc; services sector contribution falls by 8.2pc

ISLAMABAD: The income tax collection from doctors has witnessed unprecedented growth of 135 percent in fiscal year 2018/2019, according to official statistics of Federal Board of Revenue (FBR).

The FBR revealed that the tax collection from doctors increased to Rs2.83 billion in fiscal year 2018/2019 as compared with Rs1.21 billion in the preceding fiscal year.

Sources in the FBR said that the monitoring of professionals resulted in revenue collection growth.

Similarly, the income tax collection from engineers registered 80 percent growth to Rs5.24 billion in fiscal year 2018/2019 as compared with Rs2.91 billion in the preceding fiscal year.

The collection of income tax from another segment of services sector i.e. accountants witnessed 10.3 percent growth. The collection of income tax from accountants was Rs3.05 billion in fiscal year 2018/2019 as compared with Rs2.76 billion in the preceding fiscal year.

The overall collection of income tax from services sector fell by 8.2 percent to Rs350 billion in the last fiscal year as compared with Rs381.7 billion in the fiscal year 2017/2018.

The major chunk of revenue came from banking and financial institutions under the head of services sector. The banks and financial institutions paid Rs152.21 billion in fiscal year 2018/2019 as compared with Rs177.41 billion, registering 14.2 percent decline.

Other major revenue spinner under this head was insurance sector but it also witnessed negative growth of 13.3 percent. The insurance sector paid Rs11.24 billion during fiscal year 2018/2019 as compared with Rs12.96 billion in preceding fiscal year.

However, the income tax collection from hotels and restaurants registered 33 percent growth in revenue collection to Rs8.16 billion in 2018/2019 as compared with Rs6.15 billion in the preceding fiscal year.

The income tax collection from travel agencies posted 15.5 percent increase. The collection from travel agencies increased to Rs2.12 billion in fiscal year 2018/2019 as compared with Rs1.83 billion in the preceding fiscal year.

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