ISLAMABAD: Federal Board of Revenue (FBR) collected more than Rs 3,130 billion during the tax year 2015-16, surpassing the revenue collection target of Rs 3,104 billion set for the year by Rs26 billion, which is unprecedented.
The FBR disclosed this after reconciling the figures with the Accountant General Pakistan Revenues (AGPR). The FBR has made a net collection of more than Rs 3,130 billion for the year ending June 30, 2016 as against Rs2,589 billion collected in the year ending June 30, 2015, registering a 21% increase over the last year.
The FBR generated over Rs1,000 billion during the last three years by raising tax rates and abolishing exemptions. The FBR collected Rs1,220 billion as income tax, up 18.1 percent over the last year. The collection of sales tax in this period stood at Rs1,329 billion with a growth of 22.2 percent. The FBR collected Rs404 billion under the head of customs duty, thereby showing an increase of over 30 percent. Federal Excise duty was collected to the tune of Rs 177 billion thus reflecting as increase of 9.1 percent over the collection of last year.
The FBR also wants to highlight that the originally assigned targets have been achieved without any downward revision which is an unprecedented accomplishment and speaks of the success of the economic policies being followed by the present government.
