ISLAMAABAD                   -                The Federal Board of Revenue (FBR) on Wednesday said that it has collected a record Rs2407 billion in first seven months (July to January) of the current fiscal year, showing an increase of 17 percent over last year’s collection of Rs.2062 billion.

“This increase has been registered despite a $5 billion compression in imports. Last year FBR collected income tax, sales tax and customs duty at import stage amounting to Rs.1005 billion which has only grown by 6% to Rs 1066 billion consequent to the tremendous negative impact on customs duty and income tax collected at import stage,” the FBR has stated in a press statement.

On the other hand, domestic collection has increased from Rs.1066 billion last years’ to Rs.1341 billion this year showing unprecedented increase of 27%. It is evident that the aforementioned tremendous growth has been made possible by untiring efforts of FBR despite economic slowdown and without adopting any coercive measure. It is hoped that with upcoming economic turnover coupled with efforts of FBR will reach very close to its assigned targets.

The FBR has collected Rs2407 billion in July-January period of the year 2019-20 as compared to the actual target of Rs2791 billion and Rs2552 billion revised target. The IMF had already agreed with the government of Pakistan to downward revise the tax collection target to Rs5238 billion from original Rs5550 billion.