Islamabad: The Federal Board of Revenue (FBR) has so far collected PKR 277 billion as part of its tax collection drive for the first month of the (fiscal year) FY2019-20, a news source reported. For revenue collection in July, the board had previously set a target of PKR 292 billion which it missed by PKR 15 billion. However, the numbers achieved (PKR 277 billion) showcased an increase of PKR 26 billion as compared to figures recorded for the same month in FY2018-19.
To meet its quarterly revenue collection target of PKR 1072 billion, fixed by the International Monetary Fund (IMF) as one of the requirements communicated under its bailout package, the FBR would have to collect PKR 795 billion during the next two months.
As per reports, failure on this front may lead to the cancellation of the next tranche of loans pledged by the IMF under its 39-month Extended Fund Facility (EFF) for Pakistan.
An FBR official recently stated that the Inland Revenue (IR) collection totalled at PKR 123 billion (these figures include the Income Tax, General Sales Tax and Federal Excise Duty (FED) for July 2019; showcasing an increase of PKR 46 billion from tax collection made in the same month of the last financial year.
The official further stated that the authorities concerned had reported a growth of 60% in domestic taxes so far, while certain revenue targets were yet to be achieved. Similarly, sales tax returns for July and the new taxes levied on income are expected be received in August, he added.
