ISLAMABAD: The Federal Board of Revenue’s (FBR) tax collection stood at Rs3.967 trillion in the fiscal year 2019-20 as against Rs3.907 trillion received in the financial year 2019, showing an increase of Rs60 billion or 3.9 per cent.
Sources familiar with the tax body’s revenue collection data the FBR revenue saw this increase despite the adverse impact of the ongoing coronavirus pandemic on the country’s economy.
The FBR collected Rs60 billion more than the revised annual tax collection target of Rs3.907 trillion.According to tax-wise breakdown for FY20, overall revenue collection in last month (June 2020) clocked in at Rs415 billion as compared to Rs472 billion collected in last year’s same period.
The FBR received a total of Rs1.484 trillion income tax in 2019-20, Rs1.597 trillion sales tax, and Rs255 billion federal excise duty. Customs collection clocked in at Rs618 billion and payment of refunds stood at Rs127 billion.
Earlier, June 29, the National Assembly had passed the Finance Bill 2020-21, giving the go-ahead to the budgetary proposals for the upcoming financial year. The bill was moved by Minister for Industries and Production Hammad Azhar.