FBR likely to set Rs5.1tr revenue target for FY21: member

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ISLAMABAD: Member Inland Revenue Policy, Federal Board of Revenue Dr Hamid Ateeq on Sunday said keeping in consideration the existing and post Covid-19 pandemic situation, the bureau is likely to set the revenue collection target at Rs5.1 trillion (Rs5,100 billion) for the next fiscal year of (2020-21).

Talking to media, he said for the current fiscal year (2019-20), the downwardly reviewed revenue collection target of Rs3,908 billion would be achieved with the renewal of economic activities.

The FBR expected to collect Rs500 billion by the April end, however so far it had collected Rs145 billion and keeping in view this trend the total collections during the month would reach Rs210, he said adding that the COVID-19 had affected the collections.

To a question on recently issued different Statutory Notification (SROs) in the current Covid-19 scenario, Ateeq said that FBR had exempted two percent duty on editable oil and withdrew duties on pulses, wheat, flour and sugar items. “We now expect the price of these items would down by 10 to 15 per cent in coming days.”

He said 61 import items had been sent to FBR, which was a necessity in the current circumstances, by the Ministry of Health.

The Member IR Policy added that the bureau had reviewed the whole list all 61 items and excluded these 19 items, which existed in generic name and had not been imported by the government.

He said FBR had rejected all those items that had an issue of compatibility and quality, adding items worth Rs7 billion items had been imported on emergency basis.

Replying to another question on relief package to the constructing industry and fixed tax issue, Ateeq said that FBR had completed all the procedure in this regards after the approval of the ordinance.

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