Despite of the fact that FBR’s shortfall during the first six months of the tax year has reached reach Rs 287 Billion, yet FBR has collected Rs. 2080 Billion in the first half-year 2019-20 against the target of Rs. 2367 Billion.
Speaking to the Pak Revenue, Federal Board of Revenue (FBR) sources shared the FBR’s collection that comprises of the following figures:
- Income Tax Rs. 790 Billion;
- Sales Tax Rs. 891 Billion;
- Federal Excise Duty Rs. 125 Billion;
- Custom Duty Rs. 325 Billion.
While FBR has issued a refund of Rs. 51 Billions.
The Government had set Rs. 5503 Billion tax for the current fiscal year, presently it is diminished to Rs. 5238 Billion after the IMF review. It is challenging for FBR to collect a whopping amount of Rs 3158 Billion in the coming six months.
As per trends, FBR will again miss the objective except if it takes vital measures. Sources privy to the matter had revealed to Pak Revenue that Government is intending to impose more Rs. 120 to Rs. 140 Billion taxes in the coming two months.