FBR Collects Rs382 Bln Revenues In December

ISLAMABAD, Jan 3 (UrduPoint / Pakistan Point News - 03rd Jan, 2017 ) : The Federal board of Revenue (FBR) collected taxes amounting to Rs382 billion provisionally during the month of December 2016. According to official sources here on Tuesday, tax collection target for the month was set at Rs392 billion, showing Rs10 billion shortfall as compared to the total collections of the month.

However, the actual collection is expected to grow more when the final figures are compiled. "The tax collection figure would go up when the tax figures are finalized during a couple of days," said FBR spokesman, Dr.

Muhammad Iqbal. Meanwhile, tax collection during first half of current fiscal year crossed Rs1460 billion figure, which is expected to improve when the final figures are compiled, official sources said.

According to the finance ministry sources, the overall performance of FBR remained at around seven percent for the six month period ended in December 2016. This reflects catching up of the shortfall experienced in the initial months, largely on account of giving relief to consumers on petroleum prices together with sales tax refunds of Rs45 billions.

It is pertinent to mention that the government has set tax collection target of Rs3.62 trillion for the current fiscal year. The sources said, as far as the expenditure side was considered, the performance was on track as expenditure was allowed in a prudent manner in accordance with budget, and keeping in view the revenue growth.