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FBR’s tax collection surges by 23% to Rs449b in July-August

FBR’s tax collection surges by 23% to Rs449b in July-August

ISLAMABAD: Tax collections by the Federal Board of Revenue (FBR) have increased by 23 percent in the first two months (July-August) of the ongoing fiscal year (2017-18).

Overall, the FBR collected to Rs449 billion in the corresponding months as compared to around Rs365 billion it collected in the similar period of the last fiscal year.

The government set a tax collection target of four trillion rupees for the apex tax authorities for 2017-18 fiscal year, which is 19 percent more than the collection of Rs3,362 billion collected in 2016-17.

According to an official, the tax revenue collection soared owing to enhanced economic activities and amendment in laws brought through the budget for the current fiscal year.

Last fiscal year, the government did not increase oil prices for almost seven months in a row that had adversely affected FBR’s performance.