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October 1, 2020

FBR collects Rs993b against target of Rs969b in 1st quarter

National

October 1, 2020

ISLAMABAD: The FBR has so far-fetched Rs993 billion provisional revenue collection in first quarter (July-Sept) period of the current fiscal year against the fixed target of Rs969 billion, showing an increase of Rs24 billion.

However, the FBR’s collection for September 2020 missed its target by Rs18 billion as so far the FBR collected Rs400 billion against the desired target of Rs418 billion. Keeping in view lowest receiving of income tax returns, the FBR has extended the deadline for filing of income tax returns up to December 8, 2020. So far the FBR received less than 300,000 returns till late Wednesday night.

The FBR did not release official revenue collection figures and when this scribe contacted to official spokesman he replied that the reconciliation of collection figures were underway and the FBR would release official figures today (Thursday). However, the official spokesman confirmed that the desired target of Rs970 billion was surpassed.

The revenue collection close to Rs1 trillion might be satisfying for the FBR high-ups but it might create difficulties for the government for resuming the stalled IMF programme because the Fund might ask for taking additional revenue measures for achieving the desired tax collection target of Rs4963 billion.

The FBR target was placed on higher side for second half of the current fiscal year so the target for first six months would be easy to achieve on this pretext that the full fledge economic activities would be resumed in second half of the current fiscal year. The FBR has so far collected Rs993 billion during first quarter (July-September) of 2020-21 against Rs959 billion in the last corresponding period of 2019-20, reflecting an increase of Rs34 billion. The revenue collection target for the month of September has been fixed at Rs418 billion. The target for July was fixed at Rs243 billion and August Rs308 billion.

The tax machinery has provisionally collected Rs593 billion during first two months of current financial year (July-August-2020) against the assigned target of Rs551 billion, reflecting an increase of Rs42 billion.

Against the assigned revenue target of Rs551 billion, FBR has collected Rs593 billion thus showing an increase of Rs42 billion and 108 percent of the assigned target. The revenue collection in the first two months of previous year 2019-20 was Rs582 billion whereas it is increased to Rs593 billion this year.