FBR fails to achieve Revenue target in first half of FY 2017

FBR fails to achieve Revenue target in first half of FY 2017
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Federal Board of Revenue (FBR) has collected more than 1,467 billion rupees in the first half of the current Financial Year as compared to 1,370.9 billion rupees during the corresponding period in the last Financial Year.

This was disclosed at a meeting chaired by Finance Minister Ishaq Dar in Islamabad on Friday to review the 6-month performance of FBR.

Chairman FBR said the collection reflects seven percent growth in tax revenues, compared to target revenue growth of 16 percent for the current fiscal year.

He said that revenue collection during the last month has been the highest amongst all the six months of the current fiscal year so far.

The Finance Minister said that the strong performance in December 2016 bodes well for revenue collection in the second half of the current Financial Year.

While taking notice of the fact that only seven percent revenue growth had been achieved in the first half compared to target revenue growth of sixteen percent, the Finance Minister urged the FBR team to undertake all necessary efforts to make up the revenue shortfall compared to the target set at the beginning of the current fiscal year.

The Finance Minister emphasized that strong tax revenue collections are vital to achieving higher, sustainable and inclusive economic growth, which is a primary focus of the government.

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