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FBR paid Rs34b tax refund in August

FBR paid Rs34b tax refund in August

ISLAMABAD: The Federal Board of Revenue (FBR) has paid Rs34 billion tax refunds to taxpayers on account of sales tax, income tax and federal excise duty as well as rebates on customs duty during the month of August 2017.

Official sources said that despite payment of huge amount as tax refunds the FBR would be able to cross Rs200 billion plus revenue collection figures against the fixed target of Rs240 billion as it will be re-adjusted accordingly keeping in view payment of refunds and rebates to the tune of Rs34 billion.

Now the FBR team is busy for ascertaining full details about advances taken by the FBR and so far it’s confirmed that the last fiscal year collection was actually around Rs3200 billion instead of Rs3362 billion.

“Without ascertaining exact figures, the FBR cannot devise its strategy to achieve highly ambitious and challenging annual tax collection target of Rs4013 billion for fiscal year 2017-18 which was approved by the Parliament,” said the official.

The FBR had collected over Rs200 billion in first month (July 2017) of the current fiscal year 2017-18 against a collection of Rs164 billion in the same month of the last financial year 2016-17, registering a growth of over 20 percent.

The FBR had envisaged tax collection target of Rs4013 billion for 2017-18 on the basis of projected figure of Rs3521 billion for the last fiscal year 2016-17.