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FBR collects Rs123b revenue in 14 days of current month

FBR collects Rs123b revenue in 14 days of current month

ISLAMABAD: The Federal Board of Revenue (FBR) collected revenues of Rs123 billion during the first fourteen days of the current month.

A top official in the said that The total collection for the month have been targeted at Rs250 million, “We are in well position to achieve the revenue target fixed for this month as almost half of the collections have been made till February 14,” FBR Member  strategic planning ,reforms and statistics/Spokesman Dr Iqbal said.  He said that there has been some little shortfall in the revenue collection of January 2017, as it fell short by about two percent against the target.

The total tax collections during the last month stood at Rs228 billion against the target of Rs233 billion, the FBR Member said.  With the collection of first fifteen days of February 2017, the total tax collection reached over Rs1.85 trillion from July 2016 to February 15, 2017.

There has been growth of about 7 percent during the first half of the current fiscal year, reflecting catching up of the shortfall experienced in the initial months.

Answering a question about tax disputes pending with the Alternative Dispute Resolution Committee (ADRCs), he said that FBR has been following a proper mechanism to resolve tax related disputes. He said that there have been provisions in the tax laws that provide an opportunity to the taxpayers to finalize and resolve their tax-related disputes with ADRCs.

He said that the law permits the taxpayers to file their application with the Alternative Dispute Resolution Committee, however, the FBR has the mandate to accept or reject the recommendations of ADRCs.

When asked to comment on the reported tax amnesty scheme for realtors, the FBR Member said that no such scheme was under consideration for any sector. “No tax amnesty scheme is under consideration at FBR,” Dr Iqbal remarked.

Replying to another question, he said that FBR and Auditor General for Pakistan Revenues (AGPR) have been working jointly and put a mechanism in place to monitor and access complete data of sale and purchase of government vendors through Monitoring and Invoice Verification System (MIVS).