FBR reports a 17% rise in tax revenue collection during Jan 2020.

Karachi: FBR reports a 17% rise in tax revenue collection during Jan 2020. Federal Board of Revenue (FBR) has announced that it generated PKR 320 billion in tax revenue collection during January 2020, an amount 17% higher than the revenue during the same month of the previous year – a news source reported.

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The Federal Board of Revenue (FBR) Sunday stated that revenue collection has grown by 17 percent with additional revenues of Rs 345 billion as compared to the collection of the previous year.

During the current Fiscal Year 2019-20, out of Rs 920 billion target for the period from July to January, 2020, the FBR collected Rs 897.5 billion Income Tax, which shows an increase of 18.1 percent compared to the corresponding months in the last year in which Rs 759.1 billion income tax was collected.

Likewise, the target of sales tax collection till January, 2020 was set as Rs1039 billion, out of which, the net collection of Rs 996.6 billion had been was achieved, showing growth of 24.7 percent compared to the corresponding period of last year which Rs 799.1 billion were collected.

The Federal Excise Duty of Rs 145.1 billion was collected against the target of Rs 151 billion from July to January, which showed an increase of 23.6 percent, according to FBR press statement issued here.

FBR revenue collection increases by 16%

FBR also announced a 30% increase in internal tax revenue collection during 2020 and a 40% increase in the number of filers this year. The FBR spokesman credited this increase to the rising confidence of the public in FBR. He said that the number of tax filers during 2019 was 1,645,828, which has now risen up to 2,342,682 (as of January 31, 2020).

FBR expects a surge in revenue collection from the amnesty scheme

He also noted that the refunds had nearly doubled in the past year,  at PKR 65 billion, which rose to PKR 120 billion during the current year.

On the occasion, the FBR spokesman also announced the extension in the deadline up to February 28, 2020.