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FBR collects Rs320b during October 2019

FBR collects Rs320b during October 2019

ISLAMABAD: The Federal Board of Revenue (FBR) collected Rs320 billion in taxes during the month of October, a 16 per cent increase in revenue collection when compared to the corresponding period of last year, said Chairman Syed Shabbar Zaidi.

Taking to the micro-blogging site Twitter, he said: “Alhumdullilah, FBR has collected Rs 320 billion during the month October 2019 and has maintained overall increase over last year of 16 percent and domestic tax over 25 percent.”

“This is after taking into account negative aspect of import contraction of around Rs 50 billion,” he added.

In another tweet, he said: “FBR reiterates its query relating to cases of ‘Bond Washing’ for T-Bills under trust to avoid deduction of withholding and strongly reaffirms its position that there is no issue banking secrecy law in this respect. Banks are suggested to divulge such information soon.”

According to media, the government has been left with no other option but to revise downward the annual tax collection target from Rs5,503 billion mainly because of imports compression as it decreased by $400 million in October 2019.