LAHORE: The Federal Board of Revenue (FBR) has collected customs duty of Rs264 billion, sales tax Rs743 billion and federal excise duty (FED) of Rs104 billion respectively.
According to the details, the Federal Board of Revenue (FBR) has collected Rs1.688 trillion net revenue in the current Fiscal Year from July to November against the assigned target of Rs1.669 trillion, whereas revenue collected was Rs1.623 trillion in the previous year. Income tax collection for July to November stood at Rs 577 billion.
The Federal Board of Revenue (FBR) is facing a challenging task of collecting Rs171 billion in the last three days (Dec 29-39-31) of December 2020.
Sources said that the tax machinery has collected around Rs370 billion in the first 28 days of December 2020 against the monthly target of Rs541 billion. The achievement of the monthly target of Rs541 billion by the end of current month will decide about the possible downward revision in annual target of Rs. 4.9 trillion.
To achieve the target of Rs2.210 trillion during the first half (July-December) 2020-21, it is necessary to meet this target of Rs541 billion.
The last year’s revenue trend revealed that the FBR has collected Rs90-100 billion in a single day of December 2019.
Officials said that the estimated shortfall in revenue collection could be around Rs50 billion in December 2020.
Against the target of Rs348 billion for November 2020, the FBR has collected Rs347 billion during last month.
The revenue collection target for October was fixed at Rs352 billion. The target for July was fixed at Rs243 billion, whereas the target for August was Rs308 billion. The tax collection target for September was fixed at Rs418 billion.
