Business News

ISLAMABAD, (APP): Federal Board of Revenue (FBR) on Monday
strongly denied reports appearing in a section of the press that
non-tax revenue has been included in the taxes and duties collected by
FBR to overstate the tax collection figure.
Through its sustained and untiring efforts the FBR was able to
achieve and surpass the revenue targets for the just concluded
financial year and the above referred report was an attempt to undermine
the efforts of the FBR and the government resulting in a more than 20% increase in collection over that recorded for the preceding year, said
an FBR spokesman in a statement.
He said as per the provisional collection figures, FBR had made a
net collection of Rs 3,112 billion for the year ended 30th June 2016 as against Rs 2,589 billion collected in the year ending on 30th June 2015 thereby registering a 20% increase over the last year.
The spokesman said in order to dispel the misconception regarding inclusion of non-tax revenue the FBR wanted to inform that in the year ending 30th June 2016, it collected Rs 1,217 billion as Income Tax showing
a growth of 18% over the last year, the collection of Sales Tax in this period was Rs 1,357 billion with a growth of 19%, Rs 401 billion
were collected under the head of Customs Duty thereby giving an increase
of over 30% as compared with the last year and Federal Excise Duty to the tune of Rs 192 was collected thus reflecting an increase of 11% over the collection for the last year.
He said after deducting the cash refund of Rs 54 billion disbursed during the period the net collection of Rs 3,112 billion against the assigned target of Rs 31,104 billion was recorded.
He said the above figures clearly showed that FBR achieved its assigned revenue targets through its own efforts and from streamlining
the collection of taxes and duties that fall in the purview of FBR and
no non-tax revenues were accounted for by the FBR to inflate its revenue figures.
The FBR also wanted to highlight that the originally assigned targets have been achieved without any downward revision which is an unprecedented accomplishment and speaks of the success of the economic policies being followed by the present government, he added.