Islamabad: The Federal Board of Revenue (FBR) has notified exceeding the PKR 243 billion collection target previously set for the first month of the current fiscal year (FY2020-21) by PKR 57 billion; with this surplus figure having been attained during the revenue collection spell of the previous month — a news source reported on July 31.
According to the data released by the FBR, the revenue body collected PKR 300 billion as compared to the collection target of PKR 243 billion — nearly 125% of the total target. The collection during the previous fiscal year had stood at PKR 236 billion for the month of July.
Additionally, the custom duty collected during the month stood at PKR 42 billion, which is 6% higher than the amount collected during the same period in the previous fiscal year.
The FBR has attributed this growth to several factors. These include improved supervision, administrative control and engagement with trade and industry to address their grievances on time, as well as the various incentive packages offered by the government to boost businesses during the ongoing lockdown period. All these factors combined have thus allowed the FBR and the country’s business community to improve their collaboration, despite the negative impact of the coronavirus pandemic.
