ISLAMABAD, Pakistan: The Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has told the National Assembly Standing Committee on Finance, Revenue and Economic Affairs that 16 percent surge has been witnessed in tax collection in the first quarter of Financial Year 2019-20.
Briefing the Stand Committee which met in Islamabad on Friday with Asad Umar in the Chair, Shabbar Zaidi told that tax worth Rs 962.5 billion was collected from July to September while Rs 831.3 billion tax was collected during the same period last year.
The Chairman FBR told that the tax shortfall remained Rs 108 billion in the first quarter of FY 2019-20. He told that the tax shortfall was the main reason for the decline in imports. He told that due to decrease in imports, Rs 111 billion less tax was collected in the first quarter.
Shabbar Zaidi apprised the NA body that 90 percent of tax target was achieved in the first quarter of the ongoing FY. He told that the target of tax collection Rs 1,071.71 billion was set for July-September.
In addition, he informed the Standing Committee that from July to September, Rs 454 billion was collected as direct tax, Rs 406 billion as sales tax, Rs 50.60 billion as FED, and Rs 194 billion as customs tax.