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FBR collects Rs 125b in first 18 days of new year

FBR collects Rs 125b in first 18 days of new year

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs125 billion during first 18 days of January 2016, showing 30 per cent growth over Rs 95.5 billion it generated during the same period last year.

FBR Spokesman Dr Muhammad Iqbal told the state-owned news agency that FBR has performed well in tax collection as it generated Rs1,501 billion revenues from the start of new fiscal year up to January 18 against the collections of Rs1,261 billion taxes in the same period of previous financial year with a growth of 19 percent.

The FBR spokesman said that the tax amnesty scheme is aimed at introducing the simple procedure for filing the tax returns to facilitate the filers. He said the new procedure would enhance tax compliance, expand the tax-base, discourage tax evasion and reduce cost of compliance by the traders. He added that under this scheme, FBR wants to raise tax revenues without inconveniencing the traders and minimise contact between tax officials and taxpayers.

Dr Iqbal said the simplified procedure can be availed by both the existing return filer and non-filer traders. He maintained that FBR is committed to broaden the tax net for strengthening the national economy and to enhance tax to GDP ratio in the country.

FBR had collected an amount of 28 percent extra in the months of October, November and mid of December as compared to the same period of previous year, he said.