ISLAMABAD: Federal Board of Revenue (FBR) collected Rs2083 billion which is 16.3 percent higher than the last year.
A press release issued by Federal Board of Revenue stated that it is the highest growth rate since 2015-16 and FBR has made great efforts to attain this growth despite rather subdued economic activity.
The original target of Rs2367 billion was revised to Rs2197 billion in view of import compression in first quarter. The trend has continued for the second quarter. This compression of over 5 billion dollars has on one hand improved current account situation but on the other hand has adversely effected the usual revenue resources of the government.
An estimated loss of Rs56 billion of taxes is incurred on every billion dollar of import compression. FBR has redoubled its efforts on domestic side and has managed to shift its tax dependence on import taxes from 56% to a little above 40% this year.
With expected upturn of economic activity in last six months and a likely stabilization of imports, it is expected that FBR is going to collect an unprecedented amount of taxes this year without disrupting and distorting economic activity.
Pakistan’s leading oil refineries warn of shutting down production over smuggling
ISLAMABAD: Five of Pakistan’s largest oil refineries on Thursday warned that increasing smuggling of petroleum products is threatening refinery operations...
