Federal Board of Revenue (FBR) Member IR Policy Hamid Ateeq Sarwar on Wednesday said that the sales tax collection during (July-December) 2019-20 has shown remarkable growth of 25 percent as compared to same period of the last fiscal year.
Briefing media persons on revenue collection and FBR's performance here at the FBR House, Sarwar said that domestic sales tax collection (local sales) has shown growth of 34 percent and sales tax collection at import stage has shown growth of 18.6 percent.
Within the category of direct taxes, the income tax collection has shown growth of 16.6 percent. The income tax collection at domestic stage has shown an increase of 21 percent whereas income tax collection under section 148 of the Income Tax Ordinance 2001 at the import stage has shown negative growth of (-4.4percent).
The Federal Excise Duty (FED) collection has shown growth of 23.2 percent. Out of total FED collection, domestic FED collection has shown growth of 25.6 percent and FED collection at the import stage has shown negative growth of -10.6 percent.
The customs duty collection has shown negative growth of -4.3 percent during (July-December) 2019-20 due to import compression having serious impact on customs duty collection at the import stage.
He said that the FBR has provisionally collected Rs 2,080 billion during July-December (2019-20), reflecting a growth of 16.3 percent when compared with same period previous fiscal year. It is a great achievement that the FBR has witnessed growth of 16.3 percent despite import compression and keeping in view real GDP growth during the period under review.
The senior FBR official said that the FBR has collected Rs 2,083 billion during July-December (2019-20) against the revised target of Rs 2,198 billion for this period, reflecting a shortfall of Rs 115 billion.
"If we compare the collection of Rs 2,083 billion during July-December (2019-20) with the budgetary target of Rs 2,367 billion for first half of current fiscal year, shortfall stands at Rs 284 billion," he said.
The Member IR Policy stated that the FBR has so far received 2.15 million income tax returns during tax year 2019 as compared to 1.562 million income tax returns during the same period of tax year 2018. The FBR's Active Taxpayer List has a total of 2.75 million active taxpayers and FBR is expecting around 0.6 million more income tax returns. Therefore, the FBR has granted extension of one month till January 31, 2020 for filing of income tax returns for tax year 2019.