FBR all set to achieve revenue collection target of Rs 4767bn

ISLAMABAD: The Federal Board of Revenue (FBR) is all set to achieve the revised tax collection target of Rs 4,767 billion during the current fiscal year (2020-21) as it had already collected Rs 3,390 billion during the first three quarters.

The International Monetary Fund (IMF) had agreed to downward revise tax collection target from Rs 4,967 billion to Rs 4,767 billion for the current fiscal year.

During the first nine months FY 2021, FBR collected Rs 3,390 billion against target of Rs 3,290 billion, hence exceeding the target by Rs 100 billion. The collection also indicated growth of 10 percent as compared to the tax collection during same period last year.

During the month of March, FBR collected Rs 475 billion against target of 439 billion, achieving 108% of the targeted collection, according to official data.

On the other hand, during the first three quarters of the current fiscal year, the board disbursed refunds of Rs 177 billion as compared to Rs 102 billion last year, an increase of 74%.

The Income tax collection stood at Rs 1,251 billion against the target of Rs 1,290 billion, which indicated a shortfall of Rs 39 billion.

However, the Sales Tax grew to Rs 1,570 billion against target of Rs 1,320 billion, surpassing the target by Rs 250 and an increase of 19 percent from Rs 1,310 billion collected in the same period of last year.

Likewise, the Federal excise duty (FED) collections stood at Rs 196 billion against the target of Rs 221 billion with shortfall of Rs 25 billion. However FED grew by 40 percent as compared to the same period last year.

Collection of Custom Duty rose to Rs 546 billion against the target of Rs 492 billion, surpassing target by Rs 54 billion while as compared to the last year these increased by 11 percent.

The Income tax returns have reached to 2.8 million compared to 2.6 million last year, showing an increase of 8 percent.