FBR reports 60% increase in domestic tax revenue collection - Zameen News

FBR reports 60% increase in domestic tax revenue collection

August 19, 2019 • news

Islamabad: The Federal Board of Revenue (FBR) has notified of an increase in its Inland Revenue domestic tax collection efforts by 60% (as compared to figures recorded during FY2017-18), accrued during the first completed year of the current government's tenure in office – a news source reported.

Special Assistant to the Prime Minister on Information and Broadcasting Firdous Ashiq Awan disclosed this information while sharing the federal government’s one-year performance report with the media on Sunday.

Read: FBR plans to raise number of taxpayers to 3.5 mn in 5 years

Besides introducing measures aimed at broadening the tax base, the FBR achieved 99.2% of its target of tax collection target during July 2019. The revenue was PKR 234 billion against the target of PKR 236 billion. The board also reported a 62% increase in the number of tax filers for FY2018-19; with the figure exceeding the 2.4 million mark as compared to the previous 1.5 million (citizens who had filed their returns in FY2017-18).

The number of new tax payers who filed income tax returns during the fiscal year (FY) 2018-2019 was 348,140 as compared to the 146,096 filed during FY 2017-2018 – indicating an increase of 137%.

During July 2019, the sales tax collection was 26.4% higher and Federal Excise Duty (FED) was 20% higher than the numbers from July 2018. Similarly, income tax collected during July 2019 was 42% higher than the same month in 2018.

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Similarly, the authorities concerned managed to collect PKR 189 million from individuals who had availed the amnesty scheme introduced by the executive.

The report stated that the government during its first year introduced several initiatives; including a Devices Identification setup, a Registration and Blocking System (DIRBS), an Authorised Economic Operator Programme, and a Directorate of Cross Border Currency Movement (CBCM).

Moreover, it detailed several new initiatives introduced by the FBR during the said year with an aim to improve its performance, facilitate the taxpayers, and to increase the total tax revenue.