According to ARY News, FBR collected Rs. 3.967 trillion in the fiscal year 2019-20 as tax revenue. This figure is 3.9% higher than the tax collected in 2018-19.
The Federal Board of Revenue (FBR), in an interview with ARY News, disclosed that the tax revenue this year is Rs. 60 billion higher than the tax collection of 2019. They further briefed that income and sales taxes received this year are Rs. 1.484 trillion and Rs. 1.597 trillion respectively.
Federal excise duty of the year is Rs. 255 billion. And customs collection amounted to Rs. 618 billion.
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Last year, the tax collected by FBR was Rs. 3.907 trillion. Though the increment is small it’s worth mentioning as an achievement of FBR. The reason being; (a) abundance of tax thieves in the country, and (b) COVID-19.
Though, point ‘a’ has always been around and seems to be getting low as the system is getting stronger and Pakistanis are becoming more accountable, point ‘b’, on the other hand, is a threat.
COVID-19 is suspected to remain among us for quite some time and it would be disturbing us all. The time is already seeing its effects as it’s suspected that the economy of Pakistan could fall by 4% of its GDP.