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FBR collects Rs63b ‘more’ revenue in July-Sept

FBR collects Rs63b ‘more’ revenue in July-Sept

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs563 billion in July-September of current fiscal year as compared to last year’s Rs500 billion, showing growth of 12 per cent.

However, there is Rs20 billion shortfall as FBR collected Rs563 billion during the first quarter FY 2014 against the target of Rs583 billion.

Sources said that despite the ongoing political turmoil, FBR witnessed growth in revenue collection, which is result of new taxation measures taken in the budget 2014-15.

The payment of refund/rebate also increased by Rs1 billion as Rs21 billion were paid during the corresponding period against Rs20 billion of last year. FBR witnessed 17.06 per cent increase in income tax as it collected Rs199 billion from July to September this year as compared to last year’s Rs170 billion. Likewise, sales tax collection climbed to Rs268 billion during first quarter of FY 2014 from Rs245 billion of FY 2013, showing the growth of 9.39 per cent. FBR collected Rs65 billion as customs duty with the increase of 20.37 per cent as it collected Rs54 billion during the first quarter of last year.

Federal Board of Revenue has set 24 per cent more revenue collection target as it projected the target of Rs2.81 trillion for current FY against the last year’s target of Rs2.266 trillion.