ISLAMABAD: Federal Board of Revenue (FBR) has witnessed a sharp decline of 16 percent in revenue collection during four-month period (March – June 2020) as compared with same months of the last year due to halt of commercial and business activities due to lockdown imposed to prevent coronavirus pandemic.
The FBR collected Rs1,258 billion during this period, which are very important for revenue collection because of fiscal year ending. The FBR collected Rs1,497 billion in the same period of the last fiscal year.
Despite the massive decline in revenue collection during last four months of the fiscal year 2019/2020 the FBR managed to post 4.11 percent growth. The FBR collected Rs3,996 billion during fiscal year 2019/2020 as compared with Rs3,828 billion in the preceding fiscal year.
Major revenue losses was recorded at customs stage which fell by 20 percent during last four months of the fiscal year 2019/2020. The collection of customs duty was at Rs193 billion during March-June 2020 as compared with Rs241.5 billion in the same period of the last fiscal year.
The collection of sales tax witnessed a decline of 16 percent to Rs462.6 billion during the period under review as compared with Rs549 billion in the corresponding period of the last year.
The collection of federal excise duty posted 16.5 percent decline to Rs84.4 billion during the COVID-19 period as against Rs100 billion.
The collection of direct tax posted decline of 14.66 billion to Rs518 billion during March – June 2020 as compared with Rs607 billion in the same period of the last fiscal year.