ISLAMABAD: The federal government is planning to set Rs4.95 trillion as revenue collection target for the Federal Board of Revenue (FBR) for 2020-2021. Sources told Business Recorder that the revenue collection target of the FBR was projected at Rs5.101 trillion for 2020-2021 against pre-Covid19 projection of Rs6.138 trillion for the next fiscal year.
Keeping in view the current economic situation of the country, the tax projections have now been estimated at Rs4.95 trillion for 2020-2021.
When target was estimated at Rs5.101 trillion for 2020-2021, the 31 percent growth was required in tax revenue for materializing target of Rs5,105 billion in the next fiscal year against revised estimates of Rs3,908 billion for the outgoing fiscal.
The Federal Board of Revenue (FBR) has provisionally collected Rs3,518 billion during July-May (2019-2020) against annual revised target of Rs3,908 billion set for entire fiscal year (2019-2020), reflecting an amount of Rs390 billion to be collected in June 2020.
The FBR has witnessed growth of 7.7 percent in revenue collection during July-May (2019-2020) as compared to the same period of last fiscal.
According to the provisional revenue collection data, the tax machinery had collected Rs227 billion during May against Rs330 billion during May 2019, reflecting a decrease of Rs103 billion.
Now, the FBR is facing gigantic task for amassing Rs390 billion in the last month for achieving downward revised target of Rs3,908 billion till June 30, 2020. Last year, the FBR had collected Rs518.357 billion during June 2019.
In June 2018, the FBR had collected Rs568.754 billion.
In 2019-2020, direct tax collection projection revised downward from Rs1.9 trillion to Rs1.6 trillion for 2019-2020; (ii) Sales tax from Rs1.852 trillion to Rs1.427 trillion for 2019-2020; and (iii) Customs duty from Rs697 billion to Rs546 billion; (iv) Federal Excise Duty from Rs329 billion to Rs312 billion.
Comments
Comments are closed.