Featured FBR collects 8% more revenue than set target

[Shahzaz ud din]

FBR collects 8% more revenue than set target

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  The Federal Board of Revenue has collected Rs42 billion more than the set target of Rs551 billion, according to its data for the first two months of the current fiscal year, July and August.
  
  The FBR managed to collect Rs593 billion during the two months, which was 8% more than the set target. The revenue collection in the first two months of the fiscal year 2019-20 was Rs582billion.
  
  “To redress the hardships of the business community caused by COVID-19, refunds to the tune of Rs30.6 billion have been disbursed collectively in the first two months of FY-2020, as compared to refunds of Rs11 billion during first two months of FY-2019,” FBR said.
  
  “Sales tax refunds are being issued under a centralised and automated system called FASTER, which is clearing refunds to exporters within 72 hours for the first time as committed by the government,” FBR added in a media release.
  
  FBR said it is also engaging with trade and industry to mitigate their genuine grievances. It added that it has also launched an unprecedented crackdown on corruption dismissing and suspending 76 officers and officials since July 2020.
  
  FBR said that Customs face a difficult task of collecting duty and taxes due to COVID-19 pandemic economic constraints, Muharram’s holidays, and heavy rainfall in Karachi, which is the epicenter of the country’s revenue collection. The heavy rainfall affected the customs clearance of imported cargo during the last week of this month and resultantly the revenue collection.
  
  According to the official figure, the total Customs duty collected during the first two months of the current FY-2020 is Rs92 billion. Sales tax collection at the import stage is on the lower side as compared to the corresponding period of the previous year owing again to heavy rainfall in Karachi. Furthermore, the exemption granted in respect of Additional Customs Duty (ACD) on more than 1600 tariff lines in budget FY 2020-21, also subsequently resulted into a decrease in sales taxable value.
  
  During the month of August 2020, Customs seized smuggled goods worth Rs3.95 billion as compared to Rs2.1 billion in August 2019. These seized goods included fabrics, cigarettes, foreign currency, POL products, auto parts, foodstuff, narcotics, and other miscellaneous goods.
  
  Moreover, mega seizures of luxury vehicles, gold, and betel nuts were also affected during the same period. The Customs formations at Quetta, Peshawar, and Multan have seized smuggled goods worth Rs1.6 billion, while most of the remaining goods were at Karachi, Lahore, and Islamabad from raids on godowns wherein smuggled goods were stored.
  
  
  
  
  
  FBR collects 8% more revenue than set target | SAMAA
  The Federal Board of Revenue has collected Rs42 billion more than the set target of Rs551 billion, according to its data for the first two months of the current fiscal year, July and August. The FBR managed to collect Rs593 billion during the two months, which was 8% more than the set target...
  
  
  www.samaa.tv

 

[313ghazi]

This is becoming regular news.

Are targets so low, or is fbr doing miracles?

 

[volatile]

According to official data shared by FBR, the revenue collection during the first two months of the previous fiscal (FY20) was Rs582 billion, which is Rs11 billion less than this year.
This sums it up .Feel good news nothing else

 

[Morpheus]

According to official data shared by FBR, the revenue collection during the first two months of the previous fiscal (FY20) was Rs582 billion, which is Rs11 billion less than this year.
This sums it up .Feel good news nothing else

Different situations. Last year there was no lockdown because of pandemic. And the targets set also take into account the worldwide economy downtime.

Pakistan economy is heading in the correct direction.

 

[volatile]

Different situations. Last year there was no lockdown because of pandemic. And the targets set also take into account the worldwide economy downtime.

Pakistan economy is heading in the correct direction. Even if you want to screaming like a brainless Indian that it's not.

These are facts you can agree to it or not agree to it .The benchmark for economy on the last year indicates that the performance is worst then last year .So what is there to celebrate ? we have fixed expense of 7 trillion Rupees 585 Billion per month and we have collected around 250 Billion on average so we are deficit of 300 Billion per month or 1.5 Billion US$ .Is this ok or to be celebrated ?.Every one here understands the Covid challenge and gave space to Govt but no one is jumping here and there .

 

[Morpheus]

you continue to abuse people is there a brain issue with you .these are facts you can agree to it or not agree to it .What is the matter with you ? are you paid content writer in this group .The benchmark for economy on the last year indicates that the performance is worst then last year .So what is there to celebrate ? we have fixed expense of 7 trillion Rupees 585 Billion per month and we have collected around 250 Billion on average so we are deficit of 300 Billion per month or 1.5 Billion US$ .Is this ok or to be celebrated ?.Every one here understands the Covid challenge and gave space to Govt but no one is jumping here and there .If you want to talk sensibly its ok other wise dont waste other people time

Comparing last year to this year, is not same situation Last year, countries were not in lockdown. The world economy was open. You somehow want Pakistan economy to raise higher then ever when every country in the world is at negative growth. You want 40 years broken tax system to fixed overnight. You want 55 years of debt to be paid off without a proper tax system. on top of all this, you want it to be fixed during world recession.

 

[blueazure]

The brain issue must be with you. I'm guessing your parents were brother sister, which would explain a lot about you. Either that or they are indians.

Comparing last year to this year, is not same situation monkey. Last year, countries were not in lockdown. The world economy was open. You somehow want Pakistan economy to raise higher then ever when every country in the world is at negative growth. You want 40 years broken tax system to fixed overnight. You want 55 years of debt to be paid off without a proper tax system. on top of all this, you want it to be fixed during world recession.

Honestly how are you even alive without a functioning brain. Let me guess ,PML-N media cell ? Those people are the ones without any brain ,and just say no to everything ,and ignore logic. Monkey

i have reported your post to the admin

there is no justification to abuse anyone /

 

[Imran Khan]

its afternoon here and i have not drink anything then why i am feeling wired ?

 

[Patriot forever]

These are facts you can agree to it or not agree to it .The benchmark for economy on the last year indicates that the performance is worst then last year .So what is there to celebrate ? we have fixed expense of 7 trillion Rupees 585 Billion per month and we have collected around 250 Billion on average so we are deficit of 300 Billion per month or 1.5 Billion US$ .Is this ok or to be celebrated ?.Every one here understands the Covid challenge and gave space to Govt but no one is jumping here and there .

We are running a fiscal deficit from as long as I remember, so the argument of finishing it is flawed.

Revenue generation in the first 7 months of last year before Covid was encouraging already.

This year we made further improvement was a surprise. Given
We are recovering from Covid.
Our imports have contracted significantly ( custom revenue generation was lower)

11 billion more than last year. And yes this is after the tax refunds of 30 billion in just 2 months to mitigate the effect of Covid 19 as compared to 11 billion in the first 2 months of last year.

 

[El Sidd]

Pharaoh must be pleased

 

[volatile]

We are running a fiscal deficit from as long as I remember, so the argument of finishing it is flawed.

Revenue generation in the first 7 months of last year before Covid was encouraging already.View attachment 666032

This year we made further improvement was a surprise. Given
We are recovering from Covid.
Our imports have contracted significantly ( custom revenue generation was lower)

11 billion more than last year. And yes this is after the tax refunds of 30 billion in just 2 months to mitigate the effect of Covid 19 as compared to 11 billion in the first 2 months of last year.

Dear you share numbers here is answer to these numbers .First 7 month performance which was considered benchmark was 2407 Billion in 7 month i.e 343 Billion a month and even with best case scenario it would have been 4100 Billion rupees so 200 Billion probably above secondly 400 billion Rupees claims for exporters are pending and in $ term we were collected 40 Billion US$ by 2018 now we are celebrating on 24/25 Billion US$ .tell me is this worth celebrating ?

 

[Patriot forever]

Dear you share numbers here is answer to these numbers .First 7 month performance which was considered benchmark was 2407 Billion in 7 month i.e 343 Billion a month and even with best case scenario it would have been 4100 Billion rupees so 200 Billion probably above secondly 400 billion Rupees claims for exporters are pending and in $ term we were collected 40 Billion US$ by 2018 now we are celebrating on 24/25 Billion US$ .tell me is this worth celebrating ?

Bro you always quote 100 Rs dollar rate. It was almost 120 when Plmn left first of. Secondly that was an artificial rate and not market rate. We burned 15.5 billion in forex to achieve that rate which is laughable. We already had this conversation how currency works, the rupee was already devalued in 2018, pti just stopped the subsidy gradually and brought it to the market value.
Pressure on current account determines the value of your currency, which is inversely proportional to trade and services deficit as well as loan repayments. It is basic supply and demand that determines market currency rate.
Neither do you understand the consequences of import driven economy nor do you have basic understanding of currency and macroeconomics.

 

[GumNaam]

'bout damn time! but they need to do more.

 

[volatile]

Bro you always quote 100 Rs dollar rate. It was almost 120 when Plmn left first of. Secondly that was an artificial rate and not market rate. We burned 15.5 billion in forex to achieve that rate which is laughable. We already had this conversation how currency works, the rupee was already devalued in 2018, pti just stopped the subsidy gradually and brought it to the market value.
Pressure on current account determines the value of your currency, which is inversely proportional to trade and services deficit as well as loan repayments. It is basic supply and demand that determines market currency rate.
Neither do you understand the consequences of import driven economy nor do you have basic understanding of currency and macroeconomics.

Bhai mere the disccussion will move to another side any ways i will try to be as rational as possible .
Exchange rate till May 2018 was 115 rs/Dollar .For artificial support of dollars this is a common practice done by Shaukat Aziz as well as subsequent Govt even PTI which you are claiming burned more dollars in there tenure then any other Govt .Why Govt do this since our economy basic structure is linked with Dollar imports of critical imports like Oil/Machines which inturns is inflation generator . So keeping dollar fixed by paying 2 Billion $ annually was not a bad trade off reason being as you devalued rupee and appreciate dollar your KIBOR linked with inflation jumped to double digit which resulted in debt servicing ballooning up from 1.2/1.5 Trillion to 3 trillion rupees which is a major cause Govt is in trouble .an additional 1.8 Trillion represents 11 Billion US$ so trade off was subsidizing 2 Billion US$ or to pay 11 Billion US$ ? There is no market value on currency as if you do this you will kill the economy as no one will be interested to invest FDI . We have import driven economy again our spending structure is non development .Exports or Manufacturing does nt happen magically it requires infrastructure .Infrastructure requires PSDP .PSDP needs money and this money is going to debt financing .So we are again back to square one infact -1 as we contracted our GDP to 70 Billion US$ so managing deficit is not non serious business it requires attention to detail .

 

[Patriot forever]

Bhai mere the disccussion will move to another side any ways i will try to be as rational as possible .
Exchange rate till May 2018 was 115 rs/Dollar .For artificial support of dollars this is a common practice done by Shaukat Aziz as well as subsequent Govt even PTI which you are claiming burned more dollars in there tenure then any other Govt .Why Govt do this since our economy basic structure is linked with Dollar imports of critical imports like Oil/Machines which inturns is inflation generator . So keeping dollar fixed by paying 2 Billion $ annually was not a bad trade off reason being as you devalued rupee and appreciate dollar your KIBOR linked with inflation jumped to double digit which resulted in debt servicing ballooning up from 1.2/1.5 Trillion to 3 trillion rupees which is a major cause Govt is in trouble .an additional 1.8 Trillion represents 11 Billion US$ so trade off was subsidizing 2 Billion US$ or to pay 11 Billion US$ ? There is no market value on currency as if you do this you will kill the economy as no one will be interested to invest FDI . We have import driven economy again our spending structure is non development .Exports or Manufacturing does nt happen magically it requires infrastructure .Infrastructure requires PSDP .PSDP needs money and this money is going to debt financing .So we are again back to square one infact -1 as we contracted our GDP to 70 Billion US$ so managing deficit is not non serious business it requires attention to detail .

Bro I do not know when you will understand. In short we were at the end of the rope for that flawed model. If we would have continued we would have defaulted that means exponential decrease in value of rupee and uncontrollable inflation. Argentina is a prime example study what happened there.
It doesn't work like that every year the amount required will exponentially increase to maintain the same value, till one day it becomes unsustainable and you run out of foreign donors that's when your rupee crashes. The longer you maintain it artificially the lesser the actual value of your currency.
In short you can never maintain an artificial currency rate with exponentially growing CAD and interest/loan repayments. It's a classic recipe for disaster.