Sunday , April 11 2021
Breaking News
Home / Breaking News / FBR collects nearly Rs3.4 trillion in taxes in nine months of FY21
FBR collects nearly Rs3.4 trillion in taxes in nine months of FY21

FBR collects nearly Rs3.4 trillion in taxes in nine months of FY21

LAHORE: The Federal Board of Revenue (FBR) has collected nearly Rs3.4 trillion in taxes in nine months, exceeding its revised target on back of higher collection of indirect taxes that accounted over 63% of the total revenues pooled by the tax machinery.

The FBR has managed to exceed the sales tax and customs duties collection targets but missed the targets of income tax and federal excise duties, showed the figures released by the tax machinery .

The FBR has achieved an overall 10% growth in tax collection that recorded at Rs3.994 trillion in nine months – up Rs317 billion as compared to the same period of the last fiscal year.

Out of nearly Rs3.4 trillion that the FBR collected during the July-March period of this fiscal year an amount of Rs1.53 trillion was generated at the import stage on account of income tax, sales tax and customs duties. This is equal to 45% of the total taxes pooled by the FBR in this fiscal year.

The FBR said that the nine-month collection was Rs106 billion more than its target of around Rs3.3 trillion. However, the Rs3.3 trillion target is on the basis of downward revised annual target of Rs4.7 trillion.

The parliament had approved Rs4.963 trillion tax collection target for the FBR and on this basis its July-March original target was Rs3.384 trillion, which the FBR also achieved.

The FBR said that its net collection for the month of March was Rs475 billion, representing an increase of 46% over Rs325 billion collected in March 2020.