ISLAMABAD – The Federal Board of Revenue (FBR) makes a big achievement inrevenue collection for first quarter of FY 2020-2021.
FBR has released revenue collection information for the first two months ofthe current financial year i.e. July & August-2020.
According to the information, against the assigned revenue target of Rs.551 billion, FBR has collected Rs. 593 billion, showing an increase of Rs.42 billion and 108 percent of the assigned target. The revenue collectionin the first two months of the previous year 2019-20 was Rs. 582 billionwhereas it has increased to Rs. 593 billion this year.
Now, the board has to collect Rs. 376 billion in September to meet thetarget of Rs. 969 billion set for the first quarter (July-September)2020-21.
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In July 2020, it collected Rs. 300 billion against the assigned revenuetarget of Rs. 243 billion, up by Rs 57 billion. For the month of August2020, FBR collected Rs. 293 billion out of a monthly target of Rs 308billion, reflecting a shortfall of Rs. 15 billion.
To redress the hardships of the business community caused by COVID-19,refunds of Rs. 30.6 billion have been disbursed in the first two months ofFY-2020, as compared to refunds of Rs. 11 billion during the first twomonths of FY-2019.
