FBR says tax revenue increased by 17 percent

ISLAMABAD: The Federal Board of Revenue (FBR) has made it clear that it had collected a record Rs2407 billion in first seven months showing an increase of 17 percent over last year’s collection of Rs2062 billion.

This increase has been registered despite a US $5 billion compression in imports, the FBR said in a statement issued here.

The FBR Last year collected income tax, sales tax and customs duty at import stage amounting to Rs.1005 billion which had only grown by six percent to Rs1066 billion consequent to the tremendous negative impact on customs duty and income tax collected at import stage.

READ MORE: FBR says didn’t ask IMF for revision in revenue target

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On the other hand, domestic collection has increased from Rs1066 billion last years’ to Rs1341 billion this year, showing unprecedented increase of 27 percent. “It is evident that the aforementioned tremendous growth has been made possible by untiring efforts of FBR despite economic slowdown and without adopting any coercive measure,” the statement added. The board expressed the hope that with upcoming economic turnover coupled with efforts of FBR, it would reach very close to its assigned targets.

Earlier, FBR  said the last five years data shows that the board collects almost 50 to 55 percent of its taxes at the import stage. The import compression has brought growth in this component to almost zero. All the growth in taxes is now supported by almost 30 percent growth in domestic taxes, which is an unprecedented growth number in the history of FBR.

 

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