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FBR exceeds revenue target for August by Rs 3 billion

FBR exceeds revenue target for August by Rs 3 billion

ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed the monthly revenue collection target of Rs 180 billion for August 2014 as it collected over Rs 183 billion during the month.

Official data obtained by Customs Today showed that the FBR has provisionally collected over Rs 183 billion during August 2014 against assigned monthly revenue collection target of Rs 180 billion with an increase of over Rs 3 billion.

The data showed that the FBR collected Rs 53 billion income tax in August 2014 which is more than the collection of Rs 41 billion under same head last year. The FBR collected Rs 99 billion sales tax last month which is Rs 18 billion more than the last year collection of August.

Moreover, the federal excise duty collected in August this year was Rs 11.5 billion; however, the FBR has collected Rs 10.9 billion during August 2013. The FBR collected Rs 23 billion customs duty in August 2014 while it had collected Rs 17 billion in August last year.

The revenue collections of this year showed that business community totally refused the civil disobedience call by PTI Chairman Imran Khan.

The FBR has achieved the revenue collection target despite slowdown in economic activities and ongoing political situation which predicts that FBR could achieve the annual target of FY 2014-15.