Islamabad: The Federal Board of Revenue (FBR) on Tuesday announced that it had successfully met and crossed the revised collection target for (Fiscal Year) FY2019-20 by collecting PKR 3.957 trillion as opposed to the revised target of PKR 3.907 trillion — a news source reported. As a result, the tax authority managed to collect PKR 50 billion more than the updated goal.
Previously, the collection targets had been revised owing to the coronavirus pandemic and the resulting lockdown instituted to fight its spread.
However, the FBR still managed to surpass its June target by PKR 13 billion — with the authority making collections worth PKR 411 billion, as opposed to the original target set at PKR 398 billion. In addition, the FBR achieved a gross revenue of PKR 4 trillion for the first time in its history.
Moreover, the board further succeeded in collecting nearly PKR 64 billion under the government’s asset declaration scheme that has now come to an end. The scheme had been launched back in 2019, and resulted in funds worth 53 billion being collected during the year — with an additional 11 billion collected during 2020.
An FBR spokesperson stated that legal action would be taken against the individuals who chose not to avail the government’s amnesty scheme. In case of non-compliance, the accused would have to pay fines, with other punishments including seizure of properties and imprisonment.