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FBR collects Rs 774b during Q1 of Fiscal Year 2016-17

FBR collects Rs 774b during Q1 of Fiscal Year 2016-17

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 774 billion during first three months and 21 days of the fiscal year 2016-17.

Sources told Customs Today that there is only three percent increase in receivables and the FBR has now decided to reconsider its revenue collection targets for the rest of the fiscal year.

It is necessary to mention here, that the FBR collected Rs 753 billion during same period of the last financial year. Sources said that the FBR was expecting a 17 percent increase in receivables in the first quarter, but only three percent increase was recorded during the first three months of the fiscal year. According to latest figures, the tax receivables deficit touched the Rs 105 billion mark during the period under review.

Sources said that the decrease in sales tax on petroleum products is one of the major reasons for this less tax collection, while 20 percent to 22 percent growth has been recorded in receivables of customs duty. Sources said that the FBR is sending the report of receivables to the federal finance minister on a daily basis. They said that Finance Minister Ishaq Dar had already directed the FBR to utilise all available resources to achieve the revenue collection targets set for the fiscal year 2016-17.