ISLAMABAD: The Federal Board of Revenue has issued a breakup report of the revenue collected in the First-Quarter of the current Financial Year 2017-18.
The Federal Board of Revenue generated Rs128.229million of Customs Duty during the First-Quarter while Rs281.035billion had been done as direct taxes. Likewise, the FBR received Rs316.223billion of Sales Tax and Rs39.605 billion as Federal Excise Duty.
Finance Minister Senator Muhammad Ishaq Dar said the FBR is well on the track by achieving the annual target. The revenue collected by the Federal Board of Revenue during the 1st-Quarter 2017-18 is Rs765.092billion provisionally. In order to achieve the revenue target of Rs4013billion for the current fiscal year, FBR is required to get a growth of 19.2 % over the collection of the last fiscal year. This growth rate is required to be managed and maintained in each quarter of the current year to get the annual target.
The FBR’s revenues in the 1st quarter have registered a growth of more than 20 % over the collection made in the 1st quarter of the last year, which is above the required growth.
