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PKR 300 Billion Set as Target to be collected in July as Tax instructed by FBR

Real Estate News
19 Jul 2019
PKR 300 Billion Set as Target to be collected in July as Tax instructed by FBR

PKR 300 Billion Set as Target to be collected in July as Tax instructed by FBR

Islamabad: Recently, FBR (Federal Board of Revenue) set a target for revenue collection worth PKR 300 billion for the month of July 2019. The board has already collected PKR 170 billion till yet, the remaining PKR 130 billion is estimated to be collected by the end of the month of July.

All the senior staff members are notified by FBR to strive to increase the revenue collection as much as they can. As per the office order, the officers must be using the resources at their disposal to make sure that the tax collection in their assigned areas, as well as territories, are managed well.

In April 2019, the Federal Board of Revenue presented a report stating that the tax collection bar during the fiscal year 2018-19 experienced an increase of 2.47%. This indicates the success of FBR.

The taxation authority has also instructed the staff to assist all the taxpayers in every possible way in a bid to expand the current tax bracket by the inclusion of the businessmen and the industrialists as well.

Recently, FBR and other representatives of revenue board from all the provinces have agreed to join their hands to introduce an online portal for filing sales tax returns on the goods as well as the services. Through this step, all the taxpayers will find ease in submitting their sales tax returns and the revenue bodies can easily collect the taxes. It is important to note that the provincial bodies collect tax on the services, whereas, FBR collects sales tax on the products.

Before this, FBR extended the amnesty scheme deadline also, from June 30 to July 3. As per the recent reports, the amnesty scheme has generated a significant amount of revenues during the three-day extension period. As per the report submitted, more than 110,000 people across the country availed an amnesty scheme and deposited around PKR 55 billion as taxes.

Also Read: Extension in Amnesty Scheme Deadline Expected by Prime Minister

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