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FBR falls 4% short of meeting half year revenue targets

SAMAA | - Posted: Mar 9, 2020 | Last Updated: 3 months ago
SAMAA |
Posted: Mar 9, 2020 | Last Updated: 3 months ago
FBR falls 4% short of meeting half year revenue targets

Photo: AFP

The Federal Board of Revenue released a press statement on Sunday recording a 17% hike in revenue collection in the first half of FY20 compared to the previous year. However, it still fell short of its target.

It said the income tax target was set at Rs920 billion and Rs897.5 billion was collected.

The press release published on its website stated “revenue has grown by 17% with additional revenues of Rs345 billion over last year.”

It collected 4.1% less than the set target of Rs1.039 trillion for sales tax. However, it was 24.7% more than what was collected last year.

For Federal Excise Duty, it collected Rs145.1 billion against its Rs151 billion target, which was a 23.6% increase.

The FBR said it also collected Rs373.8 billion in customs duties, which was 6.3% less than its target of Rs399 billion.

“Up to February 29, 2020, the total returns for Tax Year 2019 were 2,483,866 whereas 373,877 new taxpayers paid taxes in Tax Year 2019.”

The FBR has also posted close to a 59% increase in refunds compared to last year with Rs131.01 billion. Last year’s refunds were Rs76.71 billion.

The overall tax target for the first half of FY20 was Rs2.509 trillion, against which it collected Rs2.407 trillion, which is 16.7% more than it could last year. However, this was still 4% less than its target.

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