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FBR collection falls by 13.4 percent in April

FBR collection falls by 13.4 percent in April

ISLAMABAD: The revenue collection has registered 13.4 percent decline in April 2020 over the corresponding month of the last year, due to ongoing lockdown to contain spread of coronavirus.

According to provisional statistics of Federal Board of Revenue (FBR), the collection of duty and taxes fell to Rs256.68 billion in April 2020 as compared with Rs296.58 billion in the corresponding month last year.

The FBR issued refunds in April 2020 to the tune of Rs 15.12 billion, which is 127 percent higher when compared with Rs6.66 billion in the corresponding month last year.

Moreover, the Rs16 billion as refunds have been issued to exporters, Rs33 billion as arrear refunds and Rs15 billion as duty drawback in April 2020.

The total collection of the FBR during first ten months (July – April) 2019/2020 increased to Rs3,408.83 billion showing an increase of 10.4 percent compared with the Rs3047.95 billion collected during the corresponding period of the last fiscal year.

The refunds of Rs116.961 billion have been issued during first ten month of current fiscal year, which was Rs6.515 billion during July – April 2019/2020.

The FBR has collected the target revenue of Rs200 billion for April 2020 and collected Rs256 billion out of revised annual revenue target of Rs3908 billion for the current Financial Year.