July-December 2019-20: POL products, food items, power sector remain top revenue spinners

The petroleum products, food items and power sector remained three top revenue spinners of Inland Revenue Taxes (income tax, sales tax and Federal Excise Duty) with payment of Rs 315 billion, Rs 76.5 billion and Rs 73 billion, respectively, in the national exchequer during July-Dec (2019-20).

The Federal Board of Revenue (FBR) has prepared sector-wise data of taxes collected during first half of 2019-20 as compared to the same period of 2018-19.

Data revealed that POL products contributed Rs 315 billion during first six months of 2019-20 against Rs 261.24 billion, reflecting a growth of 21 percent. Food products contributed Rs 76.5 billion in revenue collection during July-December (2019-20) against Rs 73 billion during same period of 2018-19, showing a growth of 4.6 percent.

The power sector contributed Rs 73 billion as IR taxes during first half of 2019-20 against Rs 43 billion in July-December (2018-19), showing an increase of 69.7 percent.

Banks contributed Rs 53 billion in the form of income tax, sales tax and Federal Excise Duty (FED) during 1111first half of 2019-20 against Rs 42.7 billion during same period of 2018-19, reflecting an increase of 24 percent.

Telecom sector contributed Rs 29.6 billion as taxes during first half of 2019-20 against Rs 23 billion in same period of last fiscal year, showing an increase of 27.7 percent.

After withdrawal of zero-rating facility at domestic stage, the tax collection from textile sector stood at Rs 61 billion during first half of 2019-20 against Rs 20 billion in same period last fiscal, showing an increase of 205.1 percent.

Cement sector contributed Rs 56.205 billion during first six months of 2019-20 against Rs 20 billion, showing an increase of 5.2 percent.

The FBR has collected Rs 50 billion from tobacco sector during July-December (2019-20) against Rs 46 billion in same period of last fiscal year, reflecting an increase of 7.2 percent.

The revenue collected from auto sector stood at Rs 45.8 billion during first six months of 2019-20 against Rs 62.5 billion during corresponding period of 2018-19, reflecting a decrease of 26.6 percent.

The IR taxes collection from chemical sector contributed Rs 38 billion during July-Dec (2019-20) against Rs 28.5 billion, showing an increase of 34.6 percent.

The FBR has collected Rs 36.7 billion from iron and steel sector during the period under review against Rs 30.9 billion in July-Dec (2018-19), showing an increase of 18.9 percent.

The taxes collected from beverages sector amounted to Rs 35 billion during this period against Rs 28.3 billion in same period of 2018-19, showing an increase of 23.2 percent.

The FBR has collected Rs 16.3 billion during first half of 2019-20 from sugar sector against Rs 10.3 billion during same period of 2018-19, reflecting an increase of 57.6 percent.

Leather sector contributed Rs 4 billion during July-Dec (2019-20) against Rs 2.8 billion during same period of 2018-19, showing an increase of 40.4 percent.