ISLAMABAD: Despite Covid pandemic and slowdown of economy, the Federal Board of Revenue (FBR) has been able to provisionally collect Rs 3,974 billion during the entire financial year of 2019-20 against the downward revised target of Rs 3,908 billion, surpassing the target by Rs 66 billion.
According to the data of provisional revenue collection issued by the FBR here on Tuesday, the FBR has surpassed the downward revised target of Rs Rs 3908 billion set for outgoing fiscal year 2019-20. The FBR has collected Rs 420 billion during the month of June 2019 against the revised target of Rs 398 billion.
A senior FBR official told Business Recorder here on Tuesday that, "the FBR's total tax collection is expected to increase in coming days after finalization/reconciliation of revenue figures. Over 30 officials of the tax machinery have died during the Covid pandemic while performing their duties. The FBR has made record collection of nearly Rs 4 trillion despite current situation of economy and Covid pandemic", he added.
The FBR's revenue collection target was fixed at Rs 5555 billion at the time of budget (2019-20). The target was revised downward thrice as it was revised downward from Rs 5555 billion to Rs 5238 billion then the target was reduced to Rs 4803 billion and in the post COVID-19 pandemic the target was further slashed down to Rs 3908 billion.
The FBR has provisionally collected Rs 3,974 billion during July-June (2019-20) against Rs 3,826 billion during the corresponding period of 2018-19, reflecting a growth of 4.1percent.
The FBR has collected Rs 420 billion during June 2020 against Rs 476 billion in June 2019, reflecting a decrease of Rs 56 billion. According to provisional revenue collection, the FBR has paid refunds of Rs 127.8 billion in 2019-20 as compared to Rs 69.003 billion in corresponding period of 2018-19.
The FBR collected Rs 1487.731 billion income tax during 2019-20 as compared to Rs 1424.3 billion in same period of 2018-19, reflecting an increase by 4.5 percent.
The sales tax collection amounted to Rs 1598.896 billion in 2019-20 against Rs 1461.616 billion during corresponding period of 2018-19, showing an increase by 9.4 percent.
The Federal Excise Duty (FED) collection stood at Rs 257.280 billion in fiscal year 2019-20 against collection of Rs 241 billion, registering growth of 6.8 percent.
The customs duty collection amounted to Rs 619.256 billion during outgoing fiscal year 2019-20 against Rs 679 billion in the same period of previous fiscal year, showing negative growth of 9 percent.
The book adjustments fetched Rs 19 billion while FBR paid Rs 8 billion refunds on June 30, 2020 through FASTER software.
According to the FBR, with the addition of revenue collected in the month of June till 3 p.m on the last day, FBR has also achieved the revised target of 3907 billion for the Financial Year 2019-20. FBR has collected the revenue of 3957 billion which is 50 billion more than the set target. This is the first time in the history that FBR has managed to achieve the target of four trillion in a Financial Year which is particularly commendable in the wake of ongoing Corona outbreak. It is pertinent to mention that FBR has lost more than thirty employees due to Corona Virus which also include a grade-22 Customs Officer Muhammad Zahid Khokhar.
FBR employees have been performing their duties with great devotion and zeal particularly in such dangerous situation when their own lives were at stake due to Corona outbreak, FBR added.
Copyright Business Recorder, 2020