ISLAMABAD – The Federal Board of Revenue (FBR) Sunday stated that revenuecollection has grown by 17 percent with additional revenues of Rs 345billion as compared to the collection of the previous year.
During the current Fiscal Year 2019-20, out of Rs 920 billion target forthe period from July to January, 2020, the FBR collected Rs 897.5 billionIncome Tax, which shows an increase of 18.1 percent compared to thecorresponding months in the last year in which Rs 759.1 billion income taxwas collected.
Likewise, the target of sales tax collection till January, 2020 was set asRs1039 billion, out of which, the net collection of Rs 996.6 billion hadbeen was achieved, showing growth of 24.7 percent compared to thecorresponding period of last year which Rs 799.1 billion were collected.
The Federal Excise Duty of Rs 145.1 billion was collected against thetarget of Rs 151 billion from July to January, which showed an increase of23.6 percent, according to FBR press statement issued here.
The customs duty collection was targeted at Rs 399 billion till January,2020 while the board managed to collect Rs 373.8 billion compared to Rs390.6 billion last year in the same months. So far FBR has collected Rs2407.7 billion against the target of Rs 2509 billion, which shows increasedby 16.7 percent compared to last year when Rs 2062.7 billion were collected.
The domestic tax collection has also increased by 28 percent. The Domesticsales tax increased by 41 percent during July- January 2020 while the totaldomestic revenues of Rs 1339.91 billion were collected compared to lastyear’s Rs 1057.60 billion. Revenue at import stage has grown by 6 percentagainst budgeted target of 36.8 percent.
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FBR has issued Rs 54 billion of additional refunds this year compared tolast year. The total refunds of Rs 131.01 billion were released tillJanuary 2020 whereas during the last year the refunds of Rs 76.71 billionwere issued, the statement added.
The board has also released the refunds detail issued through FASTERsystem. The total number of refunds claims cases where Annex-H submittedwere 6081 with a claimed amount of Rs 37614 million.
The FASTER system has processed 4606 cases with a claimed amount of Rs.33364 million showing percentage of 89.99% of total cases. After theprocessing of such cases, total refunds of Rs. 29303 million have beenissued showing a percentage of 87.47 percent of processed cases. Throughthe FASTER system, Rs 4061 million were deferred due to want of requireddata.
Up to February 29th 2020, total returns for Tax Year 2019 were 2,483,866whereas 373,877 new taxpayers paid taxes in Tax Year 2019, it concluded.
