ISLAMABAD: Federal Board of Revenue has continued growth in revenue collection and its Customs Department is showing tremendous performance by standing on top with 21 per cent growth.
FBR has totally collected Rs1,690 billion tax revenue in seven months (July 1, 2016 to January 31, 2017) of current financial year with 9 per cent growth as the Board collected Rs1,584 billion during the same period of previous financial year (July 2015 to January 2016).
This is very healthy sign for achieving revenue target of Rs3,621 billion set for the ongoing financial year.
FBR Chairman Dr Muhammad Irshad has also decided to further speed up the efforts for revenue collection.
According to the provisional data till January 31available with Customs Today, The FBR has collected Rs680 billion under the head of income tax, while the last year in same period FBR had collected Rs624 billon. There is 9% growth in income tax revenue.
FBR’s Customs wing collected Rs257 billion custom duties with 21% growth during the corresponding period while it collected Rs213 billion during the same period last year. Similarly, the revenue authority collected Rs96 billion under the head of federal excise duty, it collected Rs86 billion last year.
Surprisingly, zero growth was witnessed in sales tax as the FBR collected Rs704 billion sales tax during July 1, 2016 to January 31, 2017 and also collected the same amount during the corresponding period of previous fiscal year.
