FBR fails to meet tax collection target in first nine months of current fiscal

By: News Desk      Published: 01:44 AM, 1 Apr, 2020
FBR fails to meet tax collection target in first nine months of current fiscal

The Federal Board of Revenue (FBR) has failed to achieve the tax collection target for July to March, first three quarters of the ongoing financial year.

During these nine months, FBR’s tax collection shortfall has reached Rs708 billion. According to the sources, FBR collected Rs326 billion tax in March and Rs3049 billion from July to March against the set target of Rs3,757 billion. The tax collection this year increased by 12.9 percent compared to the last year. The FBR collected Rs14.6 billion advance tax in March and released tax refunds amounting to Rs98.24 billion during this period.

In the last nine months, FBR has collected Rs1,139 billion under the head of income tax and released Rs24 billion tax refunds under the head of income tax. The FBR collected Rs1250 billion from July to March under the head of sales tax and released refunds amounting to Rs62.84 billion under the head of sales tax refunds. The FBR collected Rs187.57 billion under the head of excise duty and released tax refunds amounting to Rs25 billion under the head of federal excise duty. The board collected Rs471.80 billion under the head of customs duty and released refunds amounting to Rs10.50 billion.