FBR Surpasses Target, Collects Rs.1688 Bln Revenues In 5 Months
Sumaira FH 2 months ago Tue 01st December 2020 | 07:30 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 1st Dec, 2020 ) :The Federal Board of Revenue (FBR) has surpassed the revenue collection target with collection of Rs1688 billion net revenues during the first five months of the current fiscal year against the target of Rs1669 billion set for the period, a surplus of 1.3 percent.
The revenue collection during July-November (2020-21) also witnessed an increase of over 4 percent as compared to the collection of Rs1623 billion during July-November (2019-20), according to latest data released by the board Tuesday.
According to the breakup figures, the Income Tax collection during the period under review was recorded at Rs 577 billion.
Meanwhile, during the first five months of current Fiscal Year, refunds to the tune of Rs 80 billion were issued against Rs 41 billion last year. The refunds helped in boost economic activity in the country.
According to an FBR press statement, the board's appreciable performance was despite the fact that the economy had been sluggish in the wake of on-going COVID-19 pandemic. Moreover, the government had extended significant tax relief measures to the public in the Finance Act, 2020.
The statement added that the board was fully geared towards automation, e-audit, and simplification of procedures, e-payment of duty draw back so as to add to Ease of Doing business (EoDB).
The board launched a single page simplified Income Tax Return for SME manufacturers and also upgraded IRIS system for issuing SMS and e-mails whenever any notice was issued or any assignment is created by Tax Officer.