ISLAMABAD: Federal Board of Revenue (FBR) collected Rs210 billion of revenue till October 22 against the assigned target of Rs300 billion for October 2018, it is learnt here.
Official sources told Customs Today that FBR collected at least Rs90 billion within 8 days of October to achieve the assigned target. However, FBR failed to achieve its first quarter target and could collect only Rs836 billion in taxes as compared to set target of Rs851 billion, highlighting the need for a complete but urgent revamp of the tax machinery.
Sources added that the government assigned target of Rs4,435 billion to FBR for 2018-19; however, the trend shows that FBR will face tough time to achieve the assigned target and government may have to revise the revenue target for the current Fiscal Year.
Meanwhile, Finance Minister Asad Umar has directed Federal Board of Revenue (FBR) to leave no stone unturned and use all legal resources for achieving the revenue target set for the current fiscal year 2018-19.
It is important to mention here that Federal Board of Revenue also extended the due date for filing of income tax returns/statements by companies, salaried individuals, others and AOPs from September 30, 2018, till November 30, 2018.