FBR Chairman reveals a big economic achievement of PTI government in FY 2019-20

Shares
FBR Chairman reveals a big economic achievement of PTI government in FY 2019-20

ISLAMABAD - Federal Board of Revenue Chairman Shabbar Zaidi reveals a big economic achievement of PTI government in FY 2019-20.

The Federal Board of Revenue (FBR) has collected over Rs. 960 billion during the first quarter (July-September) of 2019-20, which is 90% of the target for the quarter said Syed Shabbar Zaidi, Chairman FBR on Monday.

FBR’s collection increased by 14.83% as compared to Rs. 836 billion in the same period of 2018-19.

The revenue collection during September 2019 stood at Rs. 380 billion compared to Rs. 323 billion in September 2018, showing a growth of 17.64 percent.

However, according to the reports, FBR has missed a quarterly target of Rs. 1,071 billion, reflecting a shortfall of Rs. 111 billion.

The board has received over 0.4 million income tax returns till September 30, 2019, compared to 0.350 million returns filed in the same period of last financial year. It had collected Rs 580 billion in the first two months, July and August, of 2019.

FBR blames import compression for this revenue shortfall, as well as negative growth in Customs Duty and Income Tax