Over 21 percent growth in net tax collection in two months

ISLAMABAD: The net tax collection by Federal Board of Revenue (FBR) during the first two months of the current fiscal year increased by 21.02 percent as against the same period of last year.

The gross revenue collection during July-August (2017-18) witnessed growth of 24 per cent as compared to the corresponding period of last year, however after paying the refunds the net collection remained 21.02 percent.

The FBR paid refunds Rs36 billion in July-August (2017-18) compared to the refunds of Rs17 billion in July-August (2016-17), Chairman FBR, Tariq Pasha informed a high level meeting which was chaired by Finance Minister, Senator Mohammad Ishaq Dar here.

The Finance Minister was also apprised about FBR's robust awareness campaign utilizing electronic as well as social media for sensitizing existing as well as potential taxpayers to file their returns by the due date which is September 30, 2017.

The Finance Minister was briefed that active liaison was being maintained with corporate employers to ensure maximum filing of income tax returns.

In the next phase trade bodies, tax bars and Chambers of Commerce and Trade would be engaged to facilitate and ensure filing of maximum number of returns.

On the occasion, the Finance Minister appreciated FBR's efforts for revenue collection in July-August period of FY 2017-18 and said the spirit with which the whole FBR team had worked together is already showing good results.

He emphasized on concerted efforts for broadening the tax base and said people must be provided proper facilitation to contribute their due share to national exchequer.

He called upon officials of the FBR to put in their best to achieve the overall targets for the current fiscal year.

The Minister added that government aimed to achieve sustainable economic growth and FBR's role in this respect is very important.