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FBR achieves its revenue collection target

FBR achieves its revenue collection target

ISLAMABAD: After tough struggle throughout the year, Federal Board of Revenue has reportedly achieved its revenue collection target for the fiscal year 2013-14. Finance Minister Ishaq Dar has congratulated FBR Chairman Tariq Bajwa and Members of the Board for achieving the target.

After compilation of the latest data aggregate tax collection figures have so far come up to be Rs 2,361 billion out of which Rs 101.707 billion are owed in the form of refunds and rebates. The net tax collection has reached Rs 2,260 billion.

The collection figures from FBR offices in Peshawar of one day and Multan of two days have not yet been received by the FBR headquarters.

In the month of June FBR has provisionally collected record revenue of Rs 306,713 million.

So far the revenue collection growth over fiscal year 2012-13 has reached 16.1 per cent to the tune of Rs 312,678 million.

FBR collected Rs 240.994 billion in share of customs duty in the fiscal year 2013-14 which was 0.6 per cent more as that of previous year’s customs duty collection.

Direct taxes (income tax) of Rs 877 billion were collected in fiscal year 2013-14.

A sum of Rs 1002 billion were collected under the head of sales tax. Sales tax collection at import stage was collected to the tune of Rs 495 billion. Meanwhile, domestic sales tax collection amounted to Rs 506 billion.

Collection of federal excise duty amassed to Rs 9.592 billion on import stage. Domestic collection of federal excise duty reached Rs 129.492 billion.