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FBR collected Rs 1,400b taxes till 5th

FBR collected Rs 1,400b taxes till 5th

ISLAMABAD: Federal Board of Revenue (FBR) collected Rs1,400 billion revenue up to January 5 from the start of current fiscal year against the collections of Rs1,115 billion taxes it collected in the same period of last fiscal year, showing a growth of 19 percent, a senior official of the board said.

Member Strategic Planning Reforms and Statistics (SPR&S) and FBR Spokesman Dr Muhammad Iqbal told APP that FBR had performed well in tax collection with over 19 percent increase in taxes so far as compared to same period of last fiscal year.

The FBR spokesman said, “We have made a net collection of around Rs 785 billion against the target of Rs 750 billion fixed for the second quarter October to December, 2015. He said the net collection for the first six months of current fiscal year stood at Rs 1,385 billion, showing an increase of 19 percent from the corresponding period of the previous year. He said that FBR was determined to issue notices to those non-compliant persons, who have not filed their tax returns. During the second quarter, not only the assigned target of Rs 750 billion was achieved but Rs 35 billion was also recouped in respect of the shortfall of the previous quarter, he added.

Dr Iqbal said that the FBR’s administrative reforms were gradually leading to improvement in tax structure and revenue collection. The reforms, he said, would continue to address the issue of tax compliance and administration. He added that serious efforts were underway to bring FBR at par with the tax authorities of the developed countries for economic stability in the country.