November Tax Collection Close to Target of Rs348bn: FBR

The Federal Board of Revenue (FBR) is close to meeting its target of Rs348 billion for the month of November as total revenue collection reaches Rs347 billion.

In addition to this FBR, has collected Rs1688 billion in net revenue in the current fiscal year from July to November against target of Rs1669 billion. This indicated a Rs65 billion increase in revenue collected by FBR as compared to the same period previous year.

Moreover, the gross revenue collected by FBR increased by Rs109 billion in the first five months of the current year (July-November 2020) to Rs1773 billion from a gross revenue of Rs1664 billion in the previous year.

The FBR also reported that Income Tax collection for July to November stood at Rs577 billion, while collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs743 billion, Rs104 billion and Rs264.4 billion respectively.

In addition to this, refunds issued during the month of November this year were valued over Rs17 billion compared to Rs4 billion in November 2019. This has immensely helped boost the economic activity in the country.

FBR has demonstrated appreciable performance amidst the COVID-19 pandemic by ensuring effective transition towards automation, e-audit, simplification of procedures and improvements in the Ease of Doing Business (EoDB),