Board not only achieves but surpasses unrevised revenue collection target of Rs 3,103.7 billion under the command of Chairman Nisar Muhammad Khan
ISLAMABAD: Efficient planning bears fruit so the same was observed by the Federal Board of Revenue (FBR) where provisional revenue collection crossed Rs 3,106 billion mark against target of Rs 3,103.7 billion for outgoing fiscal year 2015-16.
After a decade, the board achieved unrevised revenue targets during outgoing fiscal year. Earlier, it achieved unrevised revenue targets without revising down in fiscal year 2005-06.
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The board also successfully achieved 20 percent growth over Rs 2,588 billion collected during preceding fiscal year 2014-15. It may be mentioned here that the FBR observed 14.2 percent growth during fiscal year 2014-15 over fiscal year 2013-14 when it could generate Rs 2,266 billion.
As per provisional data, the revenue collection has witnessed growth in income tax, sales tax and federal excise duty. The growth is higher in income tax followed by sales tax on imports. The FBR also surpassed set target of Rs 300 billion for customs duty.
Federal Finance Minister Ishaq Dar and Advisor to PM on Revenue Haroon Akhtar Khan have lauded the performance of the FBR officials, especially the performance of Chairman Nisar Muhammad Khan, Inland Revenue-Operations Member Dr Muhammad Irshad, IR-Policy Member Rehmatullah Khan Wazir, Customs Member Nasir Masroor Ahmad, Strategic Planning and Reforms, and IT Member Dr Muhammad Iqbal and Revenue and Operations chief Yousaf Haider Sheikh.
An increase has been observed in forex reserves on which Ishaq Dar and Haroon Akhtar also appreciated the performance of Ministry of Finance and State Bank of Pakistan, besides congratulating Prime Minister Nawaz Sharif and the nation on two major achievements.
Ishaq Dar while announcing the tax collection said that a 60 percent growth was observed in revenue collection during the last three years. He added that the forex reserves reached $23 billion of which $18 billion were held by the SBP and $4.9 billion by commercial banks. Earlier, provinces were given Rs 1,200 billion out of tax collection, he said, adding that now the amount was standing at Rs 1,900 billion.
