FBR achieves tax collection target of Rs3,104 billlion

ISLAMABAD: First time in the last decade, the Federal Board of Revenue (FBR) has managed to achieve its desired tax collection target of Rs3,104 billion on June 30, 2016.

Rather the FBR has exceeded its target but the final number will by shared today (Friday) by Finance Minister Ishaq Dar. On Thursday night, the minister told The News that the picture of total tax collection would become clear today (Friday) as the tax collection was still underway till Thursday midnight.

However, the FBR sources said the tax machinery has almost met the assigned revenue collection target of Rs3,103.7 billion for 2015-16, official sources said. The FBR has exceeded its target but figures would be announced by the minister.

The official did not share exact figures of revenue collection late Thursday night, but insisted that they have almost met target. For achieving the target, the performance of the FBR is expected to be appreciated by the finance minister.

Another official said that the FBR has almost met the revenue collection target. The banks remained open till 12 midnight and provisional revenue collection figures are near Rs3,103.7 billion during outgoing fiscal (2015-16).

The monthly revenue collection target for June 2016 was Rs448 billion. During July-May 2015-16, the provisional collection amounted to Rs2,645 billion. Gross collection amounted to Rs2,698 billion during this period and after payment of refunds of Rs53 billion, the net collection stood at Rs2,654 billion during July-May 2015-16.