FBR realizes Rs 1400 billion revenue till Jan 5

BusinessFBR realizes Rs 1400 billion revenue till Jan 5

ISLAMABAD, Pakistan: The Federal Board of Revenue (FBR) has realized Rs 1400 billion revenue upto January 5 of current fiscal year against the collections of Rs 1115 billion taxes as compared to same period of last fiscal, showing a growth of 19 percent, a senior official of the board said.

Member Strategic Planning Reforms and Statistics (SPR&S) and Spokesman of the FBR Dr Muhammad Iqbal told media in Islamabad that the FBR had performed well in tax collection with over 19 percent increase in taxes so far as compared to same period of last fiscal.

The FBR spokesman said “We have made a net collection of around Rs 785 billion against the target of Rs.750 billion fixed for the second quarter October to December, 2015.

He said the net collection for the first six months of current fiscal year stood at Rs 1385 billion, showing an increase of 19 percent from the corresponding period of the previous year.

He said that FBR was determined to issue notices to those non-compliant persons, who have not filed their tax returns.

During the second quarter, not only the assigned target of Rs 750 billion was achieved but Rs 35 billion was also recouped in respect of the shortfall of the previous quarter, he added.

FBR spokesman said that the FBR’s administrative reforms were gradually leading to improvement in tax structure and revenue collection.

The reforms, he said would continue to address the issue of tax compliance and administration.

FBR Spokesman said that serious efforts were underway to bring FBR at par with the tax authorities of the developed countries for economic stability in the country.

Source: APP

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