According to the Federal Board of Revenue FBR’s official data, the overall revenue has grown by 17 % with additional revenues of Rs.345 billion over last year.
FBR had been given a targeted of Rs.920 billion for the current fascial year 2019-202, of which Rs. 897.5 billion has been accumulated. In comparison with the last year, the revenue showed an increase of 18.1%.
Similarly, FBR set a target of Rs.1039 billion till January, the total Rs. 996.6 billion have been collected with an inflation of 24.7 % however, Rs. 799.1 billion were collected during the same period of last year.
The Federal Excise Duty of Rs. 145.1 billion was collected against the target of Rs. 151 billion from July to January which showed an increase of 23.6 %. The customs duty collection target was set as Rs 399 billion till January 2020.
The FBR managed to collect Rs. 373.8 billion compared to Rs. 390.6 billion last year in the same months. So far FBR has collected Rs. 2407.7 billion against the target of Rs. 2509 billion till January 2020 which has increased by 16.7 % compared to last year when Rs. 2062.7 billion were collected.
The domestic tax collection has also increased by 28 %. Domestic sales tax has also increased by 41 % from July 2019 to January 2020. The total domestic revenue of Rs. 1339.91 billion has been collected compared to last year’s 1057.60 billion.
FBR has released Rs. 54 billion of additional refunds this year compared to last year. The total refunds of Rs. 131.01 billion have been released till January 2020 whereas in the last year the refunds of Rs. 76.71 billion were issued.
FBR has also issued the refunds detail through the FASTER system. The total number of refunds claims cases, where Annex-H submitted, was 6081 with a claimed amount of Rs. 37614 million. The FASTER system has processed 4606 cases with a claimed amount of Rs. 33364 million showing a percentage of 89.99% of total cases. After the processing of such cases, total refunds of Rs. 29303 million have been issued showing a percentage of 87.47 % of processed cases.
Total returns for Tax Year 2019 were 2,483,866, on the other hand, 373,877 new taxpayers paid taxes in Tax Year 2019.
