ISLAMABAD: The Federal Board of Revenue (FBR) has appealed to the corporate sector, businessmen and rich class to come forward and play extraordinary role by paying their due share to save the national economy from further depression.
According to the FBR's biannual review (2019-20) issued here on Wednesday, the FBR has been able to collect net tax revenue of Rs. 2,094.1 billion during the first half of 2019-20, reflecting 16.7% growth over the collection of Rs. 1,794.8 billion realized during first half of 2018-19. The collection of sales tax, federal excise duty and direct taxes showed very healthy growth i.e. 24.6%, 22.2% and 17.4% respectively. The targets for first half of 2019-20 have been achieved to the extent of 95.3%. More efforts are needed not only to compensate the loss occurred in the first half but also to achieve the target set for the second half of 2019-20. In the wake of Covid-19 the responsibility of the revenue organization has increased further. In the situation of lockdown and rare economic activities, fetching tax revenues would be even a bigger challenge for the organization. At the time of this grave crisis along with FBR, the corporate sector, businessmen, the rich class and all other taxpayers have to come forward and play extraordinary role by paying their due share to save the national economy from further depression, FBR added.
Copyright Business Recorder, 2020
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