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January 1, 2021

FBR collects Rs2,195 bn against Rs2,210 bn target

National

January 1, 2021

ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs2,195 billion during the first half (July-Dec) period of the current fiscal year against the desired target of Rs2,210 billion, it is learnt.

However, top official sources claimed that the net revenue collection crossed Rs 2,200 billion mark and it might further increase for coming close to the desired target agreed with the IMF for the first six months of the current fiscal year. The FBR wanted to collect Rs541 billion for December 2020 but so far its collection stood at Rs503 billion till the filing of this report.

“The FBR has performed well to cross collection figure of Rs500 billion as it will set the stage to go close to the desired target of Rs4,963 billion till June 30, 2021,” top officials of the government said while talking to The News here on Thursday night.

The revival of stalled IMF program is on the cards and the FBR’s crossing Rs2,200 billion mark will help achieve the desired target. The FBR will have to collect Rs2,768 billion in the second half (Jan-June) period of the current fiscal for achieving the fixed target of Rs4,963 billion. Independent economists argued that it would be hard for the FBR for achieving its desired target of Rs4,963 billion, so there will be two options left either to slash down the target or take additional measures to satisfy the IMF. The revival of IMF program is must and it is yet to see how the government achieves the set goal.

It is also remains to be seen how the IMF responds to the extension of amnesty scheme for construction sector because the IMF usually opposes such moves. However, it is a good omen for the country if the construction package helped to revive the sluggish economic activities to spur the growth momentum that touched its lowest ebb of negative 0.4 percent in last fiscal year 2019-20, the second time in country’s history since 1952.

According to provisional figures available with this scribe, the FBR provisionally collected Rs2,195 billion revenue during July-December (2020-21) against the target of Rs2,210 billion. The FBR’s monthly collection stood at Rs503 billion in December 2020 against the monthly target of Rs541 billion, reflecting a shortfall of Rs38 billion. The FBR has paid refunds of Rs102 billion during December 2020. But one top official late at night claimed that the monthly collection touched Rs517 billion.

The FBR's provisional revenue collection stood at Rs2,195 billion during July-December (2020-21) against Rs 2,094 billion in the same period of 2019-20, reflecting an increase of Rs101 billion. The FBR collected Rs503 billion in December 2020 against Rs476.7 billion during December 2019, reflecting an increase of Rs 26.3 billion.