FBR collected Rs200bn in July, up 22%

[Kabira]

ISLAMABAD: The Federal Board of Revenue (FBR) collected Rs200 billion in the first month of this fiscal year exceeding the target set for the month. It registered a growth of 22pc over the collection of Rs164bn in the same month last year.

FBR Official Spokesperson Dr Muhammad Iqbal on Monday said that the revenue collected was the provisional target for July.“We are expecting that few more billions will be received when the revenue collection figures are finalised next week,” he added.

The government has projected a revenue collection target of Rs4,013 billion for 2017-18. The breakup shows that the FBR will collect Rs1,594.910bn under direct taxes and Rs2,418.090bn in indirect taxes.

Tax-wise breakup showed that the revenue target of income tax was projected at Rs1,577.557bn, customs duty at Rs581.371bn, sales tax at Rs1605.200bn and Federal Excise Duty at Rs231.519bn for the current fiscal year, respectively.

APP ADDS: Meanwhile, the FBR would brief the Senate Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation on Wednesday about the revenue collection achieved in 2016-17.

The senate committee, scheduled to meet under the chairmanship of Saleem Mandviwalla, would also be briefed about the revenue collection targets set for 2017-18.

The committee would also be briefed about the rules made under the Benami Act 2017, according to Senate Secretariat notification.

The State Bank of Pakistan (SBP) would brief the committee on the recent depreciation of the rupee against the dollar and its effect on the economy.

The central bank would also inform the committee about role in the Joint Investigation Team (JIT) on Panama Case.

Published in Dawn, August 1st, 2017
https://www.dawn.com/news/1348842/fbr-collected-rs200bn-in-july

 

[Secur]

So, people have started paying their taxes after seeing the disqualification of not-so-honorable prime minister, not bad. Positive results, already, I see.

 

[Kabira]

So, people have started paying their taxes after seeing the disqualification of not-so-honorable prime minister, not bad. Positive results, already, I see.

Last year was very bad for FBR, missed target by Rs250 billion. This year target is Rs4013b which need 19% growth over last year. Good start but lets see what happen in coming months.

 

[ziaulislam]

Last year was very bad for FBR, missed target by Rs250 billion. This year target is Rs4013b which need 19% growth over last year. Good start but lets see what happen in coming months.

biggest problem with FBR and mr ishaq Dar was refundable
this is extreme negligence to hold refunds and take months (in some cases years) to release them causing liquidity crunch for exporters.
in this day an age this should not happen
regardlessly taxation have improved abit i would say according to imports, increase in oil taxation, power taxation all of them direct but absolutely no change in direct taxation
in the other words, even if we had no FBR , most of the taxation would have been collected any way

 

[Kabira]

biggest problem with FBR and mr ishaq Dar was refundable
this is extreme negligence to hold refunds and take months (in some cases years) to release them causing liquidity crunch for exporters.
in this day an age this should not happen
regardlessly taxation have improved abit i would say according to imports, increase in oil taxation, power taxation all of them direct but absolutely no change in direct taxation
in the other words, even if we had no FBR , most of the taxation would have been collected any way

FBR have failed to go after 1% who can't justify their life style with declared income. Khakhan Abbasi in parliament speech have said that he will go after them if cabinet proves. Let's see what happen. Last year 2700 Pakistanis received Rs103 billion in "gifts", clear case of money laundering under the nose of FBR.

 

[EpiiC]

How much of the population pays tax?

FBR have failed to go after 1% who can't justify their life style with declared income. Khakhan Abbasi in parliament speech have said that he will go after them if cabinet proves. Let's see what happen. Last year 2700 Pakistanis received Rs103 billion in "gifts", clear case of money laundering under the nose of FBR.

rs103B a big number? Why doesn't Pakistan have a better documented economy.... get rid of the big 5000 notes and document income, and all transaction to avoid tax evasion that so many people are doing.

 

[Kabira]

How much of the population pays tax?

Everyone pay indirect tax, but directly 1% or less.

 

[volatile]

So, people have started paying their taxes after seeing the disqualification of not-so-honorable prime minister, not bad. Positive results, already, I see.

Its a year on year increase from 2012 onward ,Credit should be given where due