The Federal Board of Income launched a press assertion recording a 17% hike in income assortment within the first half of FY20 in comparison with the earlier yr. Nevertheless, it nonetheless fell wanting its goal.
In line with the presser, the revenue tax goal was set at Rs920 billion and Rs897.5 billion was collected.
The press launch revealed on its web site additionally acknowledged “revenue has grown by 17% with additional revenues of Rs345 billion over last year.”
It collected 4.1% lower than the set goal of Rs1.039 trillion for gross sales tax. Nevertheless, it was 24.7% greater than what was collected final yr.
For Federal Excise Obligation, it collected Rs145.1 billion in opposition to its Rs151 billion goal, which was a 23.6% improve.
The FBR stated it additionally collected Rs373.eight billion in customs duties, which was 6.3% lower than its goal of Rs399 billion.
The assertion learn, “Upto February 29, 2020, the total returns for Tax Year 2019 were 2,483,866 whereas 373,877 new taxpayers paid taxes in Tax Year 2019.”
The FBR has additionally posted near a 59% improve in refunds in comparison with final yr with Rs131.01 billion. Final yr’s refunds have been Rs76.71 billion.
The general tax goal for the primary half of FY20 was Rs2.509 trillion, in opposition to which it collected Rs2.407 trillion, which is 16.7% greater than it might final yr. Nevertheless, this was nonetheless 4% lower than its goal.
