Taxes and duties collection: FBR witnesses growth of 7.7 percent in July-May

ISLAMABAD: The Federal Board of Revenue has witnessed growth of 7.7 percent in taxes and duties collection during July-May (2019-20) as compared to same period of last fiscal year. Federal Board of Revenue has released the information about the taxes and duties collected in the month of May, 2020. According to official figures, taxes and duties of Rs 227 billion have been collected in May, 2020. Likewise the FBR has also released the information about taxes and duties collected till May 2020 in the current Financial Year. According to official figure, Rs 3,518 billion of revenue has so far been collected, showing an increase of 7.7 percent compared with the Rs 3,266 billion collected last year till May, 2019. FBR has managed to collect 90 percent of total revenue target of Rs 3908 billion for the current financial year despite coronavirus outbreak, slowdown in economy and impact of lockdown on businesses.-PR