FBR needs Rs2.2tr in three months to meet revised target

ISLAMABAD: The Federal Board of Revenue (FBR) has to collect around Rs2.19 trillion in the last quarter (April-June) of FY20 to meet the revised annual revenue target of Rs5.23 trillion.

Sources said the premier tax agency of the country has collected Rs3,050 billion tax during the July-March FY20 period and now it needs around Rs2.2 trillion more to meet the target.

The actual target of the current fiscal year was Rs5,550 billion that was revised downward with the permission of the International Monetary Fund (IMF).

Sources further said tax officials, during the second review, requested further downward revision in the revenue target to Rs4,800 billion. The request is still pending approval.

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FBR collected Rs320 billion in March, which is around Rs10 billion more than the collection of Feb 2020, sources said.

They added that the tax department is striving to meet the revised target, but it seems impossible and the department expects to collect Rs4,500 to 4,600 billion during the year.

The economic team has proposed a Rs4,780 billion revenue target for the next fiscal year (2020-21), according to its three-year midterm budget strategy paper.

Furthermore, FBR in a statement issued Tuesday made an appeal to taxpayers to pay their due taxes in time to increase the revenue resources of the government.

“The staff and officers of FBR are performing their duties diligently during the lockdown without fear of the viral outbreak in the country. They are determined to collect revenue for the government in such difficult times by keeping a safe distance with the taxpayers.

“However, it is also the responsibility of taxpayers to pay their due taxes in time because taxes paid by them would be used by the government to rid the country of this contagious disease and mitigate financial suffering of people who desperately need help at this critical time,” the statement read.

 

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