FBR has to Collect Rs3,275 Billion in Seven Months to Achieve Annual Target

FBR needs to collect Rs3,275 billion in remaining seven months to meet the revenue collection target for the current fiscal year. FBR has been assigned to collect Rs4,963 billion as revenue collection target for the fiscal year 2020-21.

The collection during the first five months of the current fiscal year however above the target of Rs Rs1,669 billion for the period. The revenue collection during July-November (2020-2021) also witnessed an increase of over 4 percent as compared to the collection of Rs1,623 billion in the corresponding period of the last fiscal year.

Similarly, collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs 743 billion, Rs 104 billion and Rs 264.4 billion, respectively. FBR collected gross revenue of Rs 1,773 billion during the first five months compared to the collection of Rs1,664 billion last year, showing an increase of Rs109 billion in the current year.

Moreover, the government had extended significant tax relief measures to the public in the Finance Act, 2020. FBR had appealed the taxpayers to avail these facilitative measures and ensure filing Annual Income Tax Returns by the last date i.e. December 8, 2020.