ISLAMABAD: According to information released by Federal Board of Revenue, here Wednesday, the FBR has collected revenue of Rs.3989 billion in FY 2019-20 which is Rs.82 billion more than the revised revenue target of Rs.3907 billion set for the outgoing fiscal year. The net revenue collected in FY 2018-19 was Rs.3826 billion.
The gross revenue collected in the FY 2018-19 was Rs.3895 billion which has surpassed 4 trillion in FY 2019-20 for the first time in the history making the total gross revenue as 4123 billion.
Despite outbreak of Corona Virus, there was growth of 5 percent in Income Tax, 9 percent in Sales Tax, 7 percent in Excise Duty and negative growth of 8.4 percent in Customs Duty. In FY 2019-20, FBR has issued refunds of 235 billion which were 69 billion in FY 2018-19 showing an increase of 340 percent.
The decrease in Customs Duty was due to deliberate reduction of imports to overcome Current Account Deficit. Due to reduction in imports, an impact of 700 billion shortages in revenue collection occurred, which resulted in setting a new revised target of Rs.4803 billion from Rs.5505 billion in December, 2019.
There was a robust growth of 27 percent in domestic taxes till February, 2020 and it was highly expected that revised revenue target of 4803 would be achieved. However, due to continuous lockdown in the wake of coronavirus outbreak, the revenue target was further revised to 3907 billion which was achieved after persistent and dedicated efforts of FBR officers and staff despite danger to their lives due to coronavirus.
FBR has further clarified that the current revenue collection figures are provisional data as the revenue collection is expected to further increase after inclusion of collection from book adjustments, Form 32A, Federal Treasury Receipts and offline branches of National Banks.
It merits mention here that more than 30 employees of FBR have died due to coronavirus which also includes a Grade-22 Customs Officer Muhammad Zahid Khokhar. FBR employees have been performing their duties with great devotion and zeal particularly in such dangerous situation when their own lives were at stake due to corona outbreak.