ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs 1471 billion in seven months and 20 days of current financial year (from July 1st, 2014 to February 20, 2015). This amount exceeds by Rs 168 billion from Rs 1303 billion collected during the previous financial year in same period. FBR witnesses 13 percent increase in tax collection due to fruitful tax policies of Inland Revenue Department.
According to FBR, tax collection has increased 27 percent during the first 20 days of February 2015 as compared to the same period of last financial year. Inland Revenue has collected Rs 134 billion from 1st February to Feb 20, while the collection in the same period of last FY was Rs 105 billion. FBR’s revised target is Rs 2691 billion, however, in spite of all the efforts by FBR, it seems the target will be difficult to achieve without the changes in the policies of the government.
According to FBR, political priorities of government are creating hurdles in tax net broadening process, which in result is dragging FBR back from achieving its target.
On the other hand, friendly tax policies restricted FBR to put its Enforcement Department into action. However, all FBR officials are working hard to achieve the target for positive results.
