3rd October 2020, Baaghi TV: The Federal Board of Revenue has performed very well in revenue targets for the first quarter of the current fiscal year.
According to initial data by the State Bank of Pakistan, FBR in the first quarter has earned a net Rs 1004 billion as against the target of Rs 970 billion and this way there has been an increase in tax collection of Rs 34 billion. In the first quarter of the fiscal year, Rs 358 billion were collected under income tax, Rs 426 billion under sales tax, Rs 56 billion under federal excise duty, and Rs 164 under customs duty.
For the first time, the FBR has collected more than Rs 100 billion gross and net revenue in the first quarter of the fiscal year. The total gross revenue was Rs 1052 billion. Ra 48 billion was issued as tax refunds whereas in the same quarter last year the refunds were Rs 26.5 billion rupees. Due to an increase in refunds, there has been an increase in economic activity.
Despite the slowdown in the economy caused by the corona virus pandemic and the significant tax and duties relief granted under the government’s Finance Act 2020, the FBR has put up a commendable performance, which reflects the confidence of the public in the government’s revenue-related measures.
In order to boost revenue and providing better facilities, the FBR has taken many measures. Among these is the establishment of the Large Taxpayers Office Multan and Corporate Office Islamabad. Pakistan Customs has taken effective measures in order to solve the problems related to transit trade. Due to this, cargo movement at borders takes 5 days as opposed to the previous 30. According to the directives of the Prime Minister, a transit trade facilitation portal has also become active.
Pakistan customs has by strengthening cooperation with all law-enforcing institutions including the police, frontier forces, rangers, and maritime security agency, sped up its operation on storage areas and movement of smuggled goods. Thanks to these measures, in the month of September Pakistan Customs has seized a record amount of smuggled goods, which include ‘gutka’, ‘cchaaliya’, dried milk, cigarettes, Irani diesel, tyres, non-duty-paid cars, fabric and gold valued at Rs 6.2 billion. In last September, Ra 3.9 billion worth of smuggled goods was seized, which means an increase of 56%.
In the first quarter of the current fiscal year, smuggled goods valued at Rs 14.38 billion have been seized overall whereas in the same quarter last year, smuggled goods worth Rs 8.4 billion were seized.
For ease of doing business, the FBR is working on automation, e-audit, and other measures. The FBR has suspended nearly 100 officials for the charges of corruption, harassment and misuse of authority.
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