February 2020

Protax Consultant > Blog > 2020 > February
Announcements

FBR release two years financial Bill

The revenue collection in the first two months of previous year 2019-20 was 582 billion.

ISLAMABAD (Dunya News) – Federal Board of Revenue (FBR) has released the revenue collection information of first two months of current financial year i.e. July & August-2020.

According to the released information, against the assigned revenue target of Rs.551 billion, FBR has collected Rs.593 billion thus showing an increase of 42 billion and 108 percent of the assigned target. The revenue collection in the first two months of previous year 2019-20 was 582 billion whereas it is increased to 593 billion this year.
To redress the hardships of the business community caused by Covid-19, refunds to the tune ofRs.30.6 billion have been disbursed collectively in the first two months of FY-2020, as compared to refunds of Rs.11 billion during first two months of FY-2019.Sales Tax refunds are being issued under centralized and automated system called FASTER which is clearing refunds to exporters within 72 hours for the first time as committed by the Government.

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Announcements, Industry News

FBR tax collection surpasses Rs551 bn target

ISLAMABAD: The Federal Bureau of Revenue (FBR) has surpassed its envisaged tax collection target by Rs39 billion in the first two months (July and August) 2020 as the tax authorities fetched Rs593 billion revenues against the assigned target of Rs551 billion.

However, the FBR has failed to manage the assigned target of August 2020 as the tax collection stands at Rs293 billion against the fixed target of Rs308 billion. Owing to the marvelous performance of the first month (July 2020) whereby the taxcollection surpassed by Rs57 billion against the target of Rs243 billion, the overall collection so far showed surpassing the desired target.

Independent tax experts say the FBR will have to collect Rs376 billion in September 2020 for achieving the desired tax collection target of Rs969 billion for the first quarter (July-Sept) period of the current fiscal year.

They believe if the FBR failed to surpass the desired target with substantial margin in the first quarter, then the IMF will come up with prescription of a mini-budget in the second half to materialize the desired target of Rs4,963 billion for whole financial year.

According to FBR’s announcement made on Monday night, the FBR collected Rs593 billion against the revenue target of Rs551 billion in first two months of current fiscal year 2020-21. The FBR has released the revenue collection information of first two months of current financial year i.e. July & August-2020.
Announcements, Company News, Uncategorized

FBR inquiry against officials

ISLAMABAD: Prime Minister Imran Khan is yet to give go-ahead to the Federal Board of Revenue (FBR) for initiating an inquiry against two senior officials of the tax machinery in Grade 20.

The request to prime minister for initiating an inquiry was sought last month. However, the FBR’s Integrity and Performance Management Unit (IPMU) has become fully functional and so far, it has suspended 76 officials on corruption charges and dismissed 10 officials.

The FBR high-ups conceded that Adviser to the PM on Finance Dr Abdul Hafeez Shaikh was not happy with the working of IPMU and work was underway to propose changes in the working system bring more improvements.

Briefing reporters in a joint press conference at the FBR Headquarters here on Monday, spokesman Nadeem Rizvi, Member Human Resource Management Hafiz Muhammad Ali Indhar and Member Administration Bakhtyar Mohammad said the prime minister had instructed completionof all the inquiries within 90 days in order to take a stern action against the corrupt officers.

They said the FBR had not received any red letter from the PM’s Complaint Cell and all 355 complaints received from the PM Office had been disposed of properly. To another query against the officers who provided rewards in Karachi and Quetta, the FBR’s Member Administration said no legal violation had been made while providing multiple rewards to officers. I am interested