ISLAMABAD AUG 1 (TNS): The Federal Board of Revenue collected Rs200 billion in the first month of this fiscal year exceeding the target set for the month. It registered a growth of 22pc over the collection of Rs164bn in the same month last year.
FBR Official Spokesperson Dr Muhammad Iqbal on Monday said that the revenue collected was the provisional target for July. “We are expecting that few more billions will be received when the revenue collection figures are finalized next week,” he added.
The government has projected a revenue collection target of Rs4, 013 billion for 2017-18. The breakup shows that the FBR will collect Rs1, 594.910bn under direct taxes and Rs2, 418.090bn in indirect taxes.
Tax-wise breakup showed that the revenue target of income tax was projected at Rs1, 577.557bn, customs duty at Rs581.371bn, sales tax at Rs1605.200bn and Federal Excise Duty at Rs231.519bn for the current fiscal year, respectively.
Meanwhile, the FBR would brief the Senate Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization on Wednesday about the revenue collection achieved in 2016-17. The senate committee, scheduled to meet under the chairmanship of Saleem Mandviwalla, would also be briefed about the revenue collection targets set for 2017-18. The committee would also be briefed about the rules made under the Benami Act 2017, according to Senate Secretariat notification.
The State Bank of Pakistan (SBP) would brief the committee on the recent depreciation of the rupee against the dollar and its effect on the economy. The central bank would also inform the committee about role in the Joint Investigation Team (JIT) on Panama Case.