Revenue target for next fiscal year likely to be Rs5.1 trillion: FBR

By: INP      Published: 09:13 PM, 26 Apr, 2020
Revenue target for next fiscal year likely to be Rs5.1 trillion: FBR

Member of the Federal Board of Revenue (FBR) (Inland Revenue-Policy) Dr Hamid Ateeq Sarwar has said that keeping in view the current and post-COVID-19 situation, the revenue board is likely to set the revenue collection target at Rs5,100 billion for the next fiscal year (2020-21).

Talking to the media in Islamabad on Sunday, he said that for the current fiscal year (2019-20), the revised revenue collection target of Rs3,908 billion would be achieved with renewal of economic activity in the country.

The FBR expected to collect Rs500 billion by April end, but it could collect only Rs145 billion until a few days before the month end. Keeping this trend in view, the total collection during the month would reach Rs210, he said, adding that COVID-19 had affected the collection.

To a question about the recently issued Statutory Notifications (SROs) in COVID-19 scenario, Dr Hamid said that FBR had exempted edible oil from the 2 percent duty and withdrawn duties on pulses, wheat, flour and sugar. As a result, he said, price of these commodities would go down by 10 to 15 percent in the coming days.

He said the Federal Health Ministry had sent a list of 61 import items to FBR because they were needed in the country amid the coronavirus outbreak. He said that 19 of these items had generic names therefore FBR had consulted the Ministry of Commerce and other ministries and departments on their import.

Dr Hamid said that items worth Rs7 billion had been imported on an emergency basis keeping in view the current critical situation. Replying to another question about the relief package for the construction industry and fixed tax issue, he said that FBR had completed all procedures in this regard after approval of the ordinance.