ISLAMABAD – The Federal Board of Revenue (FBR) has surpassed two months tax collection target by Rs.42 billion.
The 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 Rs.42 billion and 108 percent of the assigned target.
The revenue collection in the first two months of the previous year 2019-20 was Rs.582 billion whereas it is increased to Rs.593 billion this year.
To redress hardships of the business community caused by Covid-19, refunds to the tune of Rs.30.6 billion have been disbursed collectively in the first two months of FY-2020-21, 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.
FBR is also engaging with trade and industry to mitigate their genuine grievances. FBR is proactively reaching out to Trade and Industry and resolving their issues.
It has also launched an unprecedented crackdown on corruption dismissing and suspending 76 officers and officials since July 2020.
In post COVID-19 pandemic scenario, the economic activities are now being revived through multiple economic stimuli and reliefs granted in the budget FY-2020-21. Hectic efforts were put up by customs field formations in respect of collection of duty and taxes which was otherwise a daunting task owing to post COVID-19 pandemic economic constraints, Muharram’s holidays and heavy rain fall in Karachi which is the epicenter of country’s revenue collection. The heavy rainfall has badly affected the customs clearance of imported cargo during last week and resultantly the revenue collection.