Islamabad: The Federal Board of Revenue (FBR) has announced a 17% increase in its revenue collection; reporting on its receipt of PKR 345 billion, a news source reported. As per the publication, FBR said that 373,877 taxpayers had filed their tax returns during Tax Year (TY) 2019.
In the current Financial Year (FY) 2019-20, FBR gathered PKR 897.5 billion from the total target of PKR 920 billion for the period between July and January. Although the target was not met, the collections, showed an increase of 18.1 percent as compared to the corresponding period in the last financial year – when PKR 759.1 billion was collected.
Similarly, the sales tax collection target was set to be PKR 1,039 billion till January and FBR collected PKR 996.6 billion, showing a growth of 24.7 percent. The Federal Excise Duty (FED) saw an increase of 23.6 percent and the domestic tax collection increased by 28 percent. Additionally, the domestic sales tax witnessed a surge of 42 percent for the period of July 2019 to January 2020. Moreover, FBR collected PKR 1,057.60 billion in domestic revenue last year and PKR 1339.91 this year.
