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FBR surpasses target, collects over Rs1tr in 1Q of FY2020-21

FBR surpasses target, collects over Rs1tr in 1Q of FY2020-21

ISLAMABAD: The Federal Board of Revenue (FBR) has collected more than Rs1,000 billion revenue during the first quarter (July-Sept) of the current fiscal year (FY2020-21).

According to sources, the tax department collected Rs1,002 billion during the period under review, as against the target of Rs970 billion.

The tax department had collected Rs593bn during the first two month of FY21, while collection in September stood at Rs408bn, as against target of Rs418 billion.

Sources said that revenue collection during the quarter increased due to resumption of economic activities post Covid lockdowns.

Meanwhile, the department has also intensified its crackdown on defaulters and tax evaders.

On Wednesday, the FBR’s Directorate of Intelligence and Investigation-Inland Revenue (Lahore) raided the business premises of a shoe manufacturing unit under Section 38 and 40 of the Sales Tax Act, 1990.

The unit was engaged in manufacturing activities, making taxable supplies of footwear etc while consuming huge amounts of raw materials and electricity. However, the unit had been deliberately filed “nil” sales tax returns since July 2015 to avoid payment of due sales tax.

During the search, important record was impounded which is under scrutiny while further investigations in this regard are underway. The directorate intends to intensify such operations in order to detect tax fraud and stop huge revenue leakage being caused to the national exchequer.