Saturday , September 26 2020
Breaking News
Home / Breaking News / Income tax collection falls short in May, trend to persist in April: FBR
Income tax collection falls short in May, trend to persist in April: FBR

Income tax collection falls short in May, trend to persist in April: FBR

ISLAMABAD: Pakistan’s income tax collections fell short in May 2020 and were unlikely to meet the target in April as well, the Federal Board of Revenue (FBR) said Tuesday, adding that a further reduction in the prices of petroleum products would increase the revenue shortages.

Speaking at a press briefing, FBR spokesperson Hamid Ateeq Sarwar said the tax collections dipped due to the coronavirus pandemic. As opposed to May’s target of Rs500 billion, the income tax collections amounted to Rs300 billion, while the figure was expected to clock in at Rs200 billion for ongoing April.

He said that the government was slashing prices for the benefit of common people and that permission to import medical equipment was given according to instructions from the Cabinet.

Relief, the FBR spokesperson added, was given to the construction sector as per Prime Minister Imran Khan’s directives. “If someone, including builders and [real estate] developers, wished to construct houses, they should inform by December 31 and then they would not be asked about their sources of income,” he said. However, in doing so, they should ensure they ready their projects by September 30, 2022.

He noted that these measures were introduced to provide employment to labour and bolster economic activity in Pakistan. Various taxes have been done away with or waived off for the construction sector, he added.