The Federal Board of Revenue (FBR) announced that it has collected Rs. 82 Billion more than the revised tax collection target for the financial year 2019-2020.
As per to the spokesman of FBR, the tax collection body collected net revenue of Rs. 3,989 billion, which is Rs. 82 billion more than the revised target of Rs. 3,907 billion for the fiscal year 2019-2020.
The Spokesman of FBR, said that the gross revenue amount for the outgoing year stood at Rs. 4,123 billion, crossing the Rs. 4,000 billion mark for the first time in the country’s history. “Last year, the gross revenue stood at Rs 3,895 billion,” he told.
The income tax collection despite of the coronavirus pandemic, witnessed a growth of 5%, sales tax 9% and excise duty saw a growth of 7%, FBR spokesman said
“We have also made tax refunds of Rs. 235 billion, 340% more than the previous year which saw refunds of Rs. 69 billion,” The spokesman of FBR further added that customs duty collection remained low during the outgoing year mainly due to intentional efforts to discourage unnecessary imports aimed at balancing the trade deficit.
The tax collection targets were initially set at Rs. 5505 billion for the fiscal year 2019-2020 and were later revised to Rs. 4803 billion., He said
He also said that “The targets were further revised due to coronavirus and set at Rs. 3907 billion,”
We have achieved the revenue target despite coronavirus pandemic that also claimed lives of 30 FBR officials including a BPS-22 official Muhammad Zahid Khokhar, The FBR spokesman said
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