ISLAMABAD: The Federal Board of Revenue (FBR) has to meet the ambitious revenue collection target of Rs 2,210 billion during first half (July-Dec) of the current fiscal year to meet the annual target of Rs 4.9 trillion by the end of 2020-21.

Sources told Business Recorder that the FBR collected Rs 347 billion during Nov 2020 against the monthly target of Rs 348 billion for Nov 2020. The FBR has collected net revenue of Rs 1,688 billion during July-Nov (2020-21) against assigned target of Rs1669 billion whereas revenue collected stood at Rs 1,623 billion in the same period of 2019-20.

The FBR has collected gross revenue of Rs. 1773 billion in the first five months from July to November which was Rs 1664 billion in the previous year thus showing an increase of Rs109 billion in the current year.

In order to achieve the target of Rs 2,210 billion during first half (July-Dec) 2020-21, the FBR has set over and above Rs 541 billion target for Dec 2020.

Breakup of first half fiscal targets (2020-21) revealed that the tax projection for December is over Rs 541 billion. The monthly target for Nov was estimated at Rs 348 billion. The revenue collection target for Oct was fixed at Rs352 billion. Tax estimates for Sep 2020 were set at Rs 418 billion. The tax projection for Aug and July were set at Rs308 billion and Rs243 billion, respectively.

Data added that the income tax collection for July to Nov stood at Rs. 577 billion. Similarly, collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs. 743 billion, Rs. 104 billion and Rs. 264.4 billion respectively.

Copyright Business Recorder, 2020