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FBR registers 11.4% growth during FY2017-18

FBR registers 11.4% growth during FY2017-18

ISLAMABAD: Federal Board of Revenue (FBR) during 2017-18 recorded a provisional net revenue collection of over Rs3751 billion as against Rs3368 billion collected during previous fiscal year, excluding collection  on account of book adjustments for June, 2018.

According to the details, FBR recorded an increase of around 11.37% over the revenue collected during last fiscal year. FBR also issued Rs45 billion more refunds than the previous year.

Annual assigned revenue targets for Inland Revenue Service and Customs were Rs3335 billion and Rs 600 billion, respectively. Whereas, customs has surpassed its target by Rs 6 billion, Inland Revenue fell short by Rs 190 billion.

The statistics showed that FBR was assigned revenue collection target of Rs1562billion under the head of income tax while it collected Rs1441, while under the head of sales tax, FBR collected Rs1488 billion against the assigned target of 1488 billion.

FBR collected Rs216 billion under the head of federal excise duty (FED) against the assigned target of Rs232billion. Data further showed that FBR collected Rs3145billion against the assigned target of Rs3335billion under the head of Inland Revenue, Rs606billion were collected as customs duty against the assigned target of Rs600 billion.

The collection of Rs 3751 billion does not include Rs 90 billion received on account of foreign and domestic amnesty schemes.