FBR Surpassed Target for First Fiscal Quarter
FBR Pakistan has announced a substantial rise in provincial revenue collection; FBR surpassed the target for the first quarter of the fiscal year by 24 bn!
FBR Pakistan has managed to surpass its target for the first fiscal quarter (July-Sep 2020), it managed to gather Rs. 993 billion provisional revenue collection even though the fixed target was of Rs. 969 billion. This indicated an increase of Rs. 24 billion.
Even though FBR’s collection missed its mark by Rs. 18 billion in September; the desired collection was to amount to Rs. 418 billion, however, they could only raise Rs. 400 billion. FBR has still not released an official number for revenue collection by the end of September, they said that they will be announcing the official figures on Thursday, 1st October. The spokesman, however, confirmed that FBR surpassed its target of Rs. 970 billion.
While the collection of incomes is a step upwards for FBR Pakistan, it certainly does not ease things for the government. A higher amount of revenue collection means that incomes have increased overall, however, that is not reflected through the tax returns. By Wednesday, 30th September, FBR Pakistan had received less than 300,000 tax returns. To tackle the lack of income tax returns, FBR has extended their dates for tax filing to 8th December 2020. The state believes that even though FBR surpassed its target, the IMF program fund might ask for additional measures to reach the desired tax return rate.
FBR surpassed the target for the first half of the fiscal year as it was supposed to be rather easy on the state anyway, given the current global pandemic and the economic situation of Pakistan; they had decided to keep targets easy in the first half and higher targets are to be placed in the second half of the fiscal year, once all economic activities are resumed.
Moreover, they are currently working on increasing their tax returns rate as well; the tax provisionary previously collected Rs. 593 billion during the first two months of the current financial year (July-August-2020) which was Rs. 42 billion higher than the target of Rs. 551 billion.
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