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.