The Federal Board of Revenue (FBR) has fixed Rs. 541 billion as tax collection target for December 2020 for its field formations to meet the half-year target of Rs. 2.210 trillion during 2020-21.
Senior FBR officials told Propakistani that the tax projection for December has been estimated at Rs. 541 billion. To achieve the target of Rs. 2.210 trillion during the first half (July-December) 2020-21, it is necessary to meet this target of Rs. 541 billion.
“Keeping in view the last five months collection and annual target of Rs. 4.9 trillion, the target for December 2020 has been set at Rs. 541 billion. No decision has been taken to downward revise the annual target of Rs 4.9 trillion,” they added.
Against the target of Rs. 348 billion for November 2020, the FBR has collected Rs. 347 billion during last month.
The revenue collection target for October was fixed at Rs. 352 billion. The target for July was fixed at Rs. 243 billion, whereas the target for August was Rs. 308 billion. The tax collection target for September was fixed at Rs. 418 billion.
The FBR has collected Rs. 1.688 trillion net revenue in the current Fiscal Year from July to November against the target of Rs. 1.669 trillion, whereas revenue collected was Rs. 1.623 trillion in the previous year. Income Tax collection for July to November stood at Rs. 577 billion. Similarly, collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs. 743 billion, Rs. 104 billion and Rs. 264.4 billion, respectively.
FBR has collected a gross revenue of Rs. 1.773 trillion in the first five months from July to November, which was Rs. 1.664 trillion in the previous year, thus showing an increase of Rs. 109 billion in the current year. For November only, the total collected revenue stood at Rs. 347 billion against the target of Rs. 348 billion.