FBR makes a big achievement in revenue collection for first quarter of FY 2020-2021

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FBR makes a big achievement in revenue collection for first quarter of FY 2020-2021

ISLAMABAD - The Federal Board of Revenue (FBR) makes a big achievement in revenue collection for first quarter of FY 2020-2021.

FBR has released revenue collection information for the first two months of the 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 collection in the first two months of the previous year 2019-20 was Rs. 582 billion whereas it has increased to Rs. 593 billion this year.

Now, the board has to collect Rs. 376 billion in September to meet the target of Rs. 969 billion set for the first quarter (July-September) 2020-21.

In July 2020, it collected Rs. 300 billion against the assigned revenue target of Rs. 243 billion, up by Rs 57 billion. For the month of August 2020, FBR collected Rs. 293 billion out of a monthly target of Rs 308 billion, 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 of FY-2020, as compared to refunds of Rs. 11 billion during the first two months of FY-2019.