Fresh data shows revenue collection above Rs1tr

Web Deskn – October 03, 2020

ISLAMABAD: The Federal Board of Revenue released fresh figures on Friday, showing that collection exceeded the revenue target by Rs34 billion in the first quarter.

An official announcement issued here said that FBR has reported a net revenue figure of Rs1.004 trillion exceeding the given target of Rs970bn by a margin of Rs34bn.

The breakdown showed that income tax collection for the quarter stood at Rs358bn, sales tax Rs426bn, federal excise duty at Rs56bn and customs duty Rs164bn. The government had extended significant tax relief measures to the public in the Finance Act 2020.

The FBR has initiated a number of revenue and facilitation related revitalisation measures eg establishment of Large Taxpayers’ Unit Multan and Corporate Tax Office, Islamabad.

Pakistan Customs has also launched a countrywide operation against transportation, storage and sale of smuggled goods in coordination with law enforcement agencies resulting in seizures of smuggled items including gutka, betel nuts, skimmed milk, cigarettes, Iranian diesel, gold, NDP vehicles cumulatively worth Rs6.2bn, which is 56pc higher as compared to Rs3.9bn during September 2019.

During the first quarter, smuggled goods worth Rs14.38bn have been seized as compared to Rs8.4bn in the corresponding period of 2019.

The FBR is fully geared towards automation, e-audit, and simplification of procedures, e-payment of duty drawback so as to add to the ease of doing business. Furthermore, it has launched a full-fledged crackdown against corruption, rent-seeking, harassment, and misuse of authority as about 100 officers and officials have been suspended or dismissed.

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