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FBR grants tax exemptions, concessions worth Rs1314b during FY2020-21

FBR grants tax exemptions, concessions worth Rs1314b during FY2020-21

ISLAMABAD: Federal Board of Revenue (FBR) has granted an amount of Rs1,314 billion as exemptions and concessions during outgoing fiscal year 2020/2021.

According to Economic Survey of Pakistan, the cost of exemptions and concessions increased by 14.26 percent during the outgoing fiscal year when compared with Rs1,150 billion in fiscal year 2019/2020.

According to tax expenditures details the exemptions/concession in income tax increased by 18.52 percent to Rs448 billion during fiscal year 2020/2021 as compared with Rs378 billion in the last fiscal year.

The cost of exemptions and concessions in sales tax posted an increase of 11.58 percent to Rs578.45 billion during fiscal year 2020/2021 when compared with Rs518.81 billion in the last fiscal year.

The exemptions and concessions in customs duty increased by 13.74 percent to Rs287.77 billion in the outgoing fiscal year 2020/2021 as compared with Rs253.11 billion in the last fiscal year.