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Asad Umar expresses dissatisfaction with FBR for not achieving revenue collection target of 1Q

Asad Umar expresses dissatisfaction with FBR for not achieving revenue collection target of 1Q

ISLAMABAD: Although Federal Board of Revenue (FBR) high-ups are working hard to collect the revenue but despite all these efforts, the Board has failed to meet first quarter target of the current financial year.

The FBR collected Rs836 billion during first quarter as compare to set target of Rs851 billion. Finance Minister Asad Umar has showed dissatisfaction on the performance of FBR and asked the officials to speed up their efforts to collect the revenue and bring the maximum numbers of non-filers into tax net to use the available data of rich people.

FBR provisionally collected Rs836 billion against Rs766 billion collected during the same period of the previous fiscal year, including collection on account of adjustments.

The increase of Rs 70 billion from the corresponding period of previous financial year is despite the fact that relief measures, introduced through Finance Act, 2018, have adversely affected the revenue collection in the first quarter.

The provisional collection for the month of September 2018 stands at Rs323 billion excluding collection on account of book adjustments. The figures of collection received in the treasuries of the remote areas may further swell the revenue figures. The revenue collection trend during the first quarter of the financial year augurs well for the efforts of FBR towards achievement of the assigned revised annual revenue target of Rs 4398 billion.

Federal Board of Revenue also extended the due date for filing of income tax returns/statements by companies required to file returns by 30th September, 2018, salaried individuals, other individuals and AOPs, till 30th  November, 2018.

The date was extended for two months in view of the directions of Federal Minister for Finance, Revenue and Economic Affairs for simplification of the return forms.