Islamabad: The Federal Board of Revenue (FBR) is expected to miss its revenue collection target for Fiscal Year (FY) 2019-20 in the wake of the ongoing countrywide lockdown imposed to fight the spread of the coronavirus pandemic — a news source reported.
Initially, the target had been set at PKR 5.55 trillion, which had later been revised to PKR 4.8 trillion. However, due to the pandemic, the actual collection, so far, stands at PKR 3.908 trillion — missing the revised target by PKR 892 billion.
The government also provided a large number of tax exemptions worth nearly PKR 1.15 trillion during the current fiscal — nearly 18.26% higher than last year, as per the Economic Survey of Pakistan.
Of these, the income tax exemptions stood at PKR 378.03 billion; the sales tax exemptions at PKR 518.8 billion; and the custom exemptions at PKR 253.11 billion during FY2019-20. While the Sales Tax exemption was lower than the previous year, the income tax and custom exemptions were higher.