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FBR revenue collection increases by 35 percent

FBR revenue collection increases by 35 percent

ISLAMABAD: FBR has so far increased its revenue collection by 35 percent by collecting Rs 239 billion in July-August period of the current fiscal year against a collection of Rs 176 billion in the same period of the last financial year.

FBR has so far collected Rs 116.223 billion during first 28 days of August 2013 as compared to Rs 70.007 billion during the same period last fiscal, registering a growth of 66 percent. FBR collected direct taxes to the tune of Rs 29.631 billion; sales tax Rs 66.856 billion; FED Rs 7.591 billion and customs duty Rs 12.144 billion.

According to provisional figures of revenue collection compiled by FBR, the Board netted Rs 60.376 billion in shape of direct taxes during this period against Rs 43.096 billion in the same period last fiscal, reflecting an increase of 40.1 percent. The collection of Withholding Tax (WHT) at the import stage went up to Rs 13.678 billion during July-August 29, 2013 against Rs 13.722 billion in the corresponding period of last fiscal year.

The revenue collection in shape of sales tax remained Rs 136 billion during July to August 29 period against Rs 97.104 billion in the same period of last fiscal, reflecting an increase of 41 percent.

The collection of the federal excise duty was Rs 13.673 billion during the period under review against Rs 9.606 billion in the same period last fiscal, showing an improvement of 42.3 percent.

Customs duty collection stood at Rs 28.427 billion during July-August 29, 2013 against Rs 27.077 billion in the corresponding period of last fiscal, reflecting an increase of 5 percent.

FBR has paid refunds and rebates to the tune of Rs 17.209 billion during the period under review as compared to Rs 17.136 billion during the same period last fiscal, depicting an increase of 0.4 percent.