Islamabad: The Federal Board of Revenue (FBR) recently succeeded in collecting provisional revenue worth PKR 993 billion in the first quarter of the (fiscal year) FY2020-21 — with the authority managing to surpass its original target of PKR 969 billion by PKR 24 billion, according to a news source published on October 1.
However, during the month of September, the FBR failed to match its collection target of PKR 418 billion by only managing to collect PKR 400 billion — missing its target by PKR 18 billion.
Meanwhile, keeping in view the low number of income tax returns filed by individuals and firms, the board has extended the deadline for filing income tax returns to December 8. Up until the previous deadline expired on September 30, less than 300,000 returns had been filed. The official revenue collection figures, however, are yet to be released.
The FBR targets for the second half of the FY2020-21 were slightly relaxed in order to make revenue collection more efficient “on the pretext that full fledge economic activities would be resumed in the second half of the current fiscal year”.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
