FBR To Collect Rs 2, 204 Billion In The First Half July-Dec Of The Current Year

(@fidahassanain)

FBR to collect Rs 2, 204 billion in the first half July-Dec of the current year

The national tax collector said that it collected Rs2,759 billion more in the remaining months of the fiscal year to meet the set target of Rs4,963 billion for FY2020-21.

ISLAMABAD: (UrduPoint/Pakistan Point News-Jan 2nd, 2021) Federal board of Revenue (FBR) would collect Rs Rs2,204 billion in the first half (July-Dec) of the current fiscal year.

In a statement, the national tax collector said that it collected Rs2,759 billion more in the remaining months of the fiscal year to meet the set target of Rs4,963 billion for FY2020-21.

By sharing provisional revenue collection figures for the first six months of the current year, FBR collected a net revenue of Rs2,204 billion, which is 99.7% of its six-monthly target of Rs2,210. The record shows that a growth of 5% over Rs2,101 billion which was collected during the same period of the last fiscal year of 2019-20.

The income tax collection for July to December was Rs816 billion. Likewise, sales tax, federal excise duty and customs duty remained at Rs915 billion, Rs127 billion and Rs336 billion respectively.

It stated that an additional amount of Rs 10billlion was collected from book adjustment, expecting more collection in this category.

Last December witnessed total revenue collection at Rs508 billion, which was 97.7% of the target of Rs520 billion—a growth of 8.3% against Rs469 billion collected till last December.

To help businesses, FBR launched a single page simplified Income Tax Return for SME manufacturers. It has also improved the Iris system for issuing SMS and e-mails whenever any notice is issued or any assignment is created by a tax officer.

The FBR has launched a system called 'Maloomat-Tax Ray' where taxpayers can access all information available with the FBR by logging through a secure mechanism. For further facilitation, this feature has been launched on mobile app Tax Assan too.

The FBR has established special committees to urgently resolve the complaints of taxpayers. Now, the taxpayers can file complaints through the helpline, over email, complaint portal and registered post.

Fida Hussnain

Fida Hussnain is a lahore based journalist. He writes on politics, religion, social issues and climate change. He is also a research fellow at University of Gujrat.