FBR collects Rs 1,688 billion revenue against target of Rs 1,669 billion

BusinessFBR collects Rs 1,688 billion revenue against target of Rs 1,669 billion

FBR - The Federal Board of Revenue (FBR) has collected Rs 1,688 billion net revenue in the current Fiscal Year 2020-21 from July to November against the target of Rs 1,669 billion whereas the revenue collected was Rs 1,623 billion in the previous year. The Income Tax collection for July to November 2020 stood at Rs 577 billion.  Similarly, the collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs 743 billion, Rs 104 billion, and Rs 264.4 billion respectively. The FBR has collected gross revenue of Rs 1,773 billion in the first five months from July to November 2020 which was Rs 1,664 billion in the previous year thus showing an increase of Rs 109 billion in the current year. For the month of November only, the total collected revenue stood at Rs 347 billion against the target of Rs 348 billion. In the first five months of FY 2020-21, refunds to the tune of Rs 80 billion against only Rs 41 billion last year have been issued which has greatly helped boost the economic activity in the Country. The refunds issued during the month of November 2020 are over Rs 17 billion which were Rs 4 billion in the corresponding month last year. During the first five months of current Fiscal Year, smuggled goods worth Rs. 27 billion have been seized as compared to seizures of Rs 18 billion during the corresponding months of 2019. The FBR’s appreciable performance is despite the fact that the economy has been sluggish in the wake of the on-going COVID-19 pandemic.  Moreover, the government had extended significant tax relief measures to the public in the Finance Act, 2020. The FBR is fully geared towards automation, e-audit, and simplification of procedures, e-payment of duty draw back so as to add to Ease of Doing Business (EoDB). The FBR has launched a single page simplified Income Tax Return for SME manufacturers. The FBR has upgraded Iris system for issuing SMS and e-mails whenever any notice is issued or any assignment is created by Tax Officer. The FBR has launched a system Maloomat-TaxRay wherein taxpayers’ can access all information available with the FBR by logging through a secure mechanism. For further facilitation, this feature has been launched in mobile app, Tax Assan, so that taxpayers’ can easily access all such information. The FBR has appealed the taxpayers to avail these facilitative measures and ensure filing Annual Income Tax Returns by the last date i.e. December 8, 2020.ISLAMABAD, Pakistan: The Federal Board of Revenue (FBR) has collected Rs 1,688 billion net revenue in the current Fiscal Year 2020-21 from July to November against the target of Rs 1,669 billion whereas the revenue collected was Rs 1,623 billion in the previous year.

The Income Tax collection for July to November 2020 stood at Rs 577 billion.

   

Similarly, the collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs 743 billion, Rs 104 billion, and Rs 264.4 billion respectively.

The FBR has collected gross revenue of Rs 1,773 billion in the first five months from July to November 2020 which was Rs 1,664 billion in the previous year thus showing an increase of Rs 109 billion in the current year.

For the month of November only, the total collected revenue stood at Rs 347 billion against the target of Rs 348 billion.

In the first five months of FY 2020-21, refunds to the tune of Rs 80 billion against only Rs 41 billion last year have been issued which has greatly helped boost the economic activity in the Country.

The refunds issued during the month of November 2020 are over Rs 17 billion which were Rs 4 billion in the corresponding month last year.

During the first five months of the current Fiscal Year, smuggled goods worth Rs. 27 billion have been seized as compared to seizures of Rs 18 billion during the corresponding months of 2019.

The FBR’s appreciable performance is despite the fact that the economy has been sluggish in the wake of the on-going COVID-19 pandemic.

Moreover, the government had extended significant tax relief measures to the public in the Finance Act, 2020.

The FBR is fully geared towards automation, e-audit, and simplification of procedures, e-payment of duty draw back so as to add to Ease of Doing Business (EoDB).

The FBR has launched a single page simplified Income Tax Return for SME manufacturers.

The FBR has upgraded Iris system for issuing SMS and e-mails whenever any notice is issued or any assignment is created by Tax Officer.

The FBR has launched a system Maloomat-TaxRay wherein taxpayers’ can access all information available with the FBR by logging through a secure mechanism.

For further facilitation, this feature has been launched in the mobile app, Tax Assan, so that taxpayers’ can easily access all such information.

The FBR has appealed the taxpayers to avail these facilitative measures and ensure filing Annual Income Tax Returns by the last date i.e. December 8, 2020.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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