FBR Falls Short of Q1 Revenue Collection Targets by Rs. 15 Billion

Federal Board of Revenue (FBR) fell short of its revenue collection target for first quarter (July-September) of current fiscal year of Rs 851 billion by Rs 15 billion.

The tax regulator provisionally collected Rs 836 billion, which is, however, 9.14 % higher than Rs 766 billion collection of corresponding quarter of the last fiscal year.

Though the assigned revised revenue target for the first quarter was Rs 851 billion.

The FBR said that the increase of Rs 70 billion from the corresponding period of previous financial year is despite the fact that relief measures, introduced through Finance Act, 2018, have adversely affected the revenue collection in the first quarter.

The provisional collection for the month of September 2018 stands at Rs 323 billion excluding collection on account of book adjustments.

The figures of collection received in the treasuries of the remote areas may further swell the revenue figures.

The revenue collection trend during the first quarter of the financial year augurs well for the efforts of FBR towards achievement of the assigned revised annual revenue target of Rs4,398 billion.

The FBR on Sunday, September 30, 2018, also extended the due date for filing of Income Tax Returns/Statements by Companies required to file returns by 30th September, 2018, salaried individuals, other individuals and AOPs, till 30th November, 2018.

The date was extended for two months in view of the directions of Federal Minister for Finance, Revenue and Economic Affairs for simplification of the Return forms.

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