Rs15b disbursed in tax refunds
The Federal Board of Revenue was able to collect Rs300 billion during the month of July – the first fiscal month of the financial year – against the assigned revenue target of Rs243b.
According to its press statement, the collected revenue was 25% more than the target. The FBR’s Inland Revenue department’s net collection was Rs52 billion more than the assigned target. The Customs Wing exceeded the target by Rs5 billion despite giving relief of Rs25 billion in Customs Duty.
During July 2020, the FBR disbursed Rs15 billion in tax refunds to ease the burden on the business community hit by the novel coronavirus. The amount refund made in July 2019 was Rs7 billion. The Sales Tax refunds are being issued under a centralised and automated system called FASTER, which the FBR claims, is clearing refunds to exporters within 72 hours.
Total Customs Duty collected during July 2020 is over Rs42 billion, which is 6% higher than the duty collected in July 2019.