FBR collects Rs 212b in Nov; revenue falls 5.8%

ISLAMABAD: The Federal Board of Revenue collected Rs 212 billion in the month of November, showing 5.8 per cent decrease in collection year-on-year.

The revenue authority also witnessed shortfall of Rs22.3 billion in October with Rs233.7 billion collection against the target of Rs256 billion. The shortfall was Rs59 billion in the first quarter (July to September) of this fiscal year.

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The FBR also released over Rs23 billion of sales tax refunds of all taxpayers through the newly-installed electronic transfer of refund system.

To achieve the target in the current fiscal year, the FBR will now have to record a growth over 20pc in the next seven months. About Rs391 billion of income tax was stuck in court litigation. Usually the settlement of such cases takes at least four months, said a tax official.