FBR falls short of FY 2019 first seven months target by Rs 191 billion Only

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FBR falls short of FY 2019 first seven months target by Rs 191 billion Only

ISLAMABAD - The Federal Board of Revenue is finding it difficult to achieve its target of collecting Rs4.4 trillion annual taxes as it suffered losses worth Rs191 billion in ten big sectors during the first seven months of FY 2018-19.

The sectors include Telecom, Petroleum, Goods and Services, Pakistan Stock Exchange, Banking, Automobile, Salaried Class, Food Products and other organised sectors.

The government faced a tax revenue shortfall of Rs 43.88 billion in the petroleum sector due to a reduction in the sales tax rates from July to December, 2018.

Sales tax collection on import of petroleum products reduced from Rs94.19 billion to Rs50.30 billion during the period, according to FBR.