July-February provisional figures: Rs 2.7 trillion collection shows Rs 325 billion shortfall

The Federal Board of Revenue (FBR) has provisionally collected Rs2,714 billion during July-February (2019-20) against downward revised target of Rs3,039 billion during this period, reflecting a shortfall of Rs325 billion.

These are provisional figures and updated data would be available on February 29, after compilation of the revenue collection information of Saturday (February 29). The information in the pipeline would also be incorporated in the final figures. The FBR's revenue collection would cross Rs330 billion as import-related data of February 29 would also be incorporated in the revenue collection.

According to the provisional data compiled by the FBR here on Friday, the FBR has provisionally collected Rs310 billion till February 28 against the target of Rs417 billion, reflecting a shortfall of Rs107 billion. The FBR would have to collect Rs2,524 billion in remaining four months (March-June) of 2019-2020 to reach the projected revenue of Rs5,238 billion by the end of June 30, 2020.

On monthly basis, the FBR has to collect Rs631 billion per month in remaining period of 2019-2020 to reach the projected figure of Rs5,238 billion for 2019-2020. The FBR has witnessed handsome increase of nearly 45 percent in filing of income tax returns for tax year 2019 as compared to data of tax year 2018. The FBR has received 2.45 million income tax returns up to February 28, 2020 as compared to 1.69 million returns filed till February 28, 2019.