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FBR collects Rs2335b in eight months of FY2018-19

FBR collects Rs2335b in eight months of FY2018-19

ISLAMABAD: The Federal Board of Revenue has collected Rs2335 billion tax revenue in the first eight months of the current fiscal year. FBR would have to collect Rs2 trillion tax revenue in next four months to meet the target.

According to provisional revenue figures of Federal Board of Revenue, the tax department has collected Rs270 billion in the month of February 2019, which helped jack up the total revenue to Rs2335 billion. The government has set a revenue target of Rs4.4 trillion for the ongoing fiscal year.

The revenue shortfall of the first seven months was Rs158 billion, as the tax department had collected Rs2,060 billion during the period.

It is pertinent to mention that in order to support the FBR in revenue collection, the government had hiked the sales tax on petroleum products to 17 percent. However, the department was repeatedly failing to achieve the desired results.

Meanwhile, the Customs Collectorate Islamabad has achieved the target of customs duty and other taxes assigned by the FBR for the month of February 2019.  The Collectorate during February exceeded the target by collecting Rs688 million against the assigned target of Rs652 million.

During the eight-month period, Rs5113 million were recovered by the Collectorate against the target of Rs4,933 million under the head of customs duty.

Similarly, under the head of sales tax, an amount of Rs6,958 million was collected against the target of Rs5,589 million. Moreover, against the total target of duty and taxes of Rs13.5 billion, the Collectorate managed to collect a revenue of Rs15.6 billion, exceeding the assigned target by Rs2,067 million (15pc).