FBR collects over one trillion revenues in 1st quarter
ISLAMABAD (City News) – The Federal Board of Revenue (FBR) has done remarkably well in the 1st quarter of the current fiscal year and collected revenues of Rs1,004 trillion.
Quoting State Bank Of Pakistan’s (SBP) provisional figures, the board in a statement here Friday said FBR collected a net revenue figure of Rs.1,004 billion exceeding the given target of Rs. 970 billion by a margin of 34 billion.
According to press statement, the Income Tax collection for the quarter stood at Rs358 billion while collection of Sales Tax, Federal Excise Duty and Customs Duty remained at Rs426 billion, Rs56 billion and Rs164 billion respectively.
This is for the first time that FBR managed to cross the figure of 1 trillion in gross as well as net collection in first quarter of a fiscal year. The gross revenue stood at Rs.1052 billion.
According to the statement, the collection was despite the fact that during the 1st quarter of the current fiscal year, refunds to the tune of Rs48 billion against only Rs26.5 billion last year were issued, which has greatly helped boost the economic activity in the country.
FBR’s appreciable performance is despite the fact that the economy has been sluggish in the wake of on-going COVID-19 pandemic.
Moreover, the government had extended significant tax relief measures to the public in the Finance Act, 2020. It also reflects taxpayers’ growing confidence on the revenue measures being taken by the present government.
The board has initiated quite a few revenue and facilitation related revitalization measures e.g. establishment of Large Taxpayers’ Unit Multan and Corporate Tax Office (CTO), Islamabad.
Furthermore, Pakistan Customs took extra-ordinary measures to resolve the issues to Transit Trade resulting in bringing down the dwell time of en-route cargo containers till cross borders to 05 days from 30 days.
Another initiative taken on the directions of Prime Minister is that Transit Trade Facilitation portal has also been operationalized.
Pakistan Customs has launched a country wide operation against transportation, storage and sale of smuggled goods in coordination with LEAs resulting in historic seizures of smuggled goods including Gutka, Betel Nuts, Skimmed Milk, Cigarettes, Iranian Diesel, Gold, NDP Vehicles amounting to Rs6.2 billion which is 56% higher as compared to seizures amounting to Rs3.9 billion during September, 2019.
During the first quarter smuggled goods worth Rs14.38 billion have been seized as compared to seizures of Rs8.4 billion during the corresponding period of 2019.
The board is fully geared towards automation, e-audit, and simplification of procedures, e-payment of duty draw back so as to add to Ease of Doing Business (EoDB).
Furthermore, FBR has launched a full-fledged crackdown against corruption, rent-seeking, harassment, and misuse of authority as about 100 officers and official have been suspended or dismissed