ISLAMABAD: For the first time in history, the net revenue collection of the Federal Board of Revenue (FBR) is standing at Rs 2,950 billion collected till June 28, 2016 against the annual target of Rs 3,106 billion.
After a decade, the board is on course to achieve the unrevised revenue targets for the running year as earlier, it achieved its unrevised revenue target in fiscal year 2005-06.
Till June 28, the board has collected over Rs 300 billion against the set revenue target for June, adding that after getting final details from the banks, “We hope to cross the figure of Rs 3 trillion by the end of fiscal year setting a benchmark”, they added.
The hectic efforts by FBR chairman Nisar Muhammad Khan and its team especially, Inland Revenue (IR) Member Dr Muhammad Arshad, IR Policy Member Rehmatullah Khan Wazir, Customs Member Nasir Masroor Ahmad and Strategic, Planning and Reforms Member Dr Muhmmad Iqbal made it possible to achieve record revenue, they added.
In order to streamline the tax collection, the board has decided to extend the duty hours on June 29 and 30. The officers including FBR Chairman Nisar Muhammad Khan will remain in office until the national banks will not transfer the collected tax amount to the FBR’s bank account.
