Federal Board of Revenue (FBR) has issued figures for the total tax collection in first quarter of the fiscal year 2020-2021, noting the revenue soared by Rs34 billion over set target.
Federal Board of Revenue release the press release asserted its performance citing a total collection of over Rs.1 trillion in tax revenues.
Press release said that FBR was able to amass a revenue of Rs1004 billion (Rs1.004 trillion) which was more than the set target for the first quarter.
As per to the FBR, it is the first time it could collect over Rs.1 trillion in both gross and net revenues over a quarter period, The tax collector had set, the quarterly target of Rs.970 billion for the months July, August and September, As per press release
It further said that, Upon conclusion of the quarter, it could accumulate Rs.34 billion more than the set target, As per to the break-up of total collections, specified by the tax collection board in the press release, it collected Rs.358 billion in income tax revenues and Rs.426 billion in sales tax.
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