As a part of exercise to review revenue collection performance of Large Taxpayer Units (LTUs), Chairman Federal Board of Revenue (FBR) Tariq Pasha visited LTU Islamabad on Monday and reviewed its contribution in overall collection of the FBR during 2017-18. It is learnt that the FBR chairman and senior tax managers visited the LTU Islamabad where overall performance of the LTU Islamabad was reviewed. The officials of the LTU Islamabad briefed the tax authorities on the revenue collection position from top corporate entities registered with the LTU Islamabad.
Last week, tax authorities visited Lahore to review performance tax offices in Lahore. The Chief Commissioner Inland Revenue Large Taxpayers Unit, Islamabad briefed the tax authorities on the generation of revenue within its jurisdiction as well as enforcement/collection of revenue. The updated revenue collection figures for July-October (2017-18) issued by the FBR revealed that the FBR has provisionally collected Rs 1033 billion during July-October (2017-18) as compared to Rs 872 billion during 2016-17, reflecting an increase of around 18.5 percent.
Provisional net revenue collection was recorded as Rs 1033 billion for the first four months of the fiscal year with an increase of around 18.5% over the net revenue collected during the same period of last fiscal year. The target for the year has been fixed with an annual increase of 19.2% over the previous year.
The provisional collection for the month of October 2017 was 267 billion which shows an increase of more than 12% over the collection for October 2016 which depicts a substantial improvement over the growth of 5.23 percent registered in the monthly collection last year. During fiscal year 2016-17, the collection for the first four months stood at Rs 872 billion as against the figure of Rs 1033 billion collected this year.
During October 2017, according to the provisional figures received so far, the FBR has made a net collection of more than Rs 267 billion as against Rs 237 billion collected during October 2016.