ISLAMABAD

While sit-ins of the political parties have entered the ninth day, the Federal Board of Revenue (FBR) is claiming even much productive tax collection with over 21 percent increase in the so far period of August as compared to the previous year.

Unlike other economic indicators, the protest sit-ins did not dent the tax collection efforts of the government in current month. “The ongoing sit-ins of the political parties in federal capital did not affect the tax collection efforts of the FBR as it collected Rs 123 billion till 22nd of August that is far above the collection of corresponding period of last year”, said Shahid Hussain Asad, official spokesperson of the FBR while talking to The Nation. He added that overall economic situation has slowdown due to the political situation of the country, as already claimed by Finance Minister Senator Ishaq Dar. However, he added that FBR’s collection is on track.

Shahid Hussain Asad, who is also Senior Member (Inland Revenue) Policy FBR, was optimistic that Federal Board of Revenue would achieve the monthly target of Rs 167 billion by the end of August 2014. He informed that tax department has collected Rs 22 billion in a single day i.e. August 22.

It is worth mentioning here that two political parties Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) are holding protest sit-ins in the federal capital from last few days, which had dented the economy. Finance Minister Senator Ishaq Dar was reported on Friday as saying that country has faced Rs 450 billion losses due to the protest sit-ins of the political parties that included Rs 300 billion losses in Karachi Stock Exchange and Rs 150 billion in terms of the rupee deprecation in last few days.

However, the FBR’s collection is on right track, which is positive indication for the government that had kept a mammoth revenue collection target of Rs 2.81 trillion for the ongoing fiscal year 2014-2015. The Federal Board of Revenue has provisionally collected Rs 138 billion during July 2014 against the assigned target of Rs 137 billion, surpassing the target by one billion rupees. Sources are confident that the positive trend of revenue collection in August 2014 would continue in remaining days of August.