FBR surpasses revenue target for first 5 months this year

Raza Kazmi

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs. 1688 billion net revenue in the current Fiscal Year from July to November against target of Rs. 1669 billion whereas revenue collected was Rs. 1623 billion in the previous year. Income Tax collection for July to November stood at Rs. 577 billion. Similarly, collection of Sales Tax, Federal Excise Duty, Customs Duty remained at Rs. 743 billion, Rs. 104 billion and Rs. 264.4 billion respectively. FBR has collected gross revenue of Rs. 1773 billion in the first five months from July to November which was Rs. 1664 billion in the previous year thus showing an increase of Rs. 109 billion in the current year. For the month of November only, the total collected revenue stood at Rs. 347 billion against the target of Rs. 348 billion.
In the first five months of current Fiscal Year, refunds to the tune of Rs. 80 billion against only Rs. 41 billion last year have been issued, which has greatly helped boost the economic activity in the country. The refunds issued during the month of November this year are over Rs. 17 billion which were Rs. 4 billion in the corresponding month last year. Despite increase in refunds, FBR has still managed to cross the revenue collection of November last year.
During the first five months of current Fiscal Year, smuggled goods worth Rs. 27 billion have been seized as compared to seizures of Rs. 18 billion during the corresponding months of 2019.
FBR’s appreciable performance is despite the fact that the economy has been sluggish in the wake of on-going COVID-19 pandemic. Moreover, the Government had extended significant tax relief measures to the public in the Finance Act, 2020.
FBR is fully geared towards automation, e-audit, and simplification of procedures, e-payment of duty draw back so as to add to Ease of Doing Business (EoDB). FBR has launched a single page simplified Income Tax Return for SME manufacturers. FBR has upgraded Iris system for issuing SMS and e-mails whenever any notice is issued or any assignment is created by Tax Officer. FBR has launched a system Maloomat-TaxRay wherein taxpayers can access all information available with the FBR by logging through a secure mechanism. For further facilitation, this feature has been launched in mobile app, Tax Assan, so that taxpayers’ can easily access all such information. FBR has appealed the taxpayers to avail these facilitative measures and ensure filing Annual Income Tax Returns by the last date i.e. 8th December, 2020.
Meanwhile, Faisalabad on express directions and unwavering resolve of Federal Board of Revenue, Islamabad and the Director General, Intelligence & Investigation (Inland Revenue) to curb the menace of illicit trade of counterfeit and non-duty paid cigarettes has busted 300 cartons (3,000,000 sticks) of cigarettes of different brands from multiple locations/stock-houses of traders in Faisalabad. The Director General (Intelligence & Investigation, Inland Revenue) in successive official meetings and communiqués has conveyed the field formations regarding zero-tolerance of the Government & Federal Board of Revenue towards the menace of counterfeit cigarettes which is not only extremely hazardous for health but also causes huge losses to the national exchequer in terms of evasion of duties and taxes.
In line with these policy guidelines, Tobacco Squad of Intelligence & Investigation (Inland Revenue), Faisalabad under the supervision of Deputy Director Imran Zafar in exercise of powers u/s 38 of the Sales Tax Act, 1990 read with Rule 62 of the Federal Excise Duty, 2005 visited the business premises/sales office of a Registered person in Timber Market, the godown located near Lari Ada, Tandlianwala, after getting search warrant from the area magistrate, police station City Tandlianwala and 150 cartons of counterfeit/non duty paid cigarettes were recovered, from there. The owner was asked to provide sales tax invoice/Bill-T and other allied documents but they failed to produce any document whatsoever and 150 cartons of non-duty paid cigarette were accordingly recovered.
In another similar action undertaken by this Directorate, Tobacco Squad of Intelligence & Investigation (Inland Revenue), Faisalabad on secret information, reached Deputywala Interchange, M-3 Motorway, Faisalabad and found 150 cartons of non-duty paid Cigarettes about half KM away from Deputywala Interchange on Faisalabad Road under a make shift shed. Two persons present there were questioned but they failed to produce any documents i.e. sales tax invoices/Bill-T etc. The cigarette appeared counterfeited/non-duty paid and were accordingly taken in to custody. Estimated tax and duties evaded on the recovered merchandise may run in millions of rupees.
The Director General (Intelligence & Investigation, Inland Revenue), while appreciating the action of Faisalabad Directorate urged to speed up the drive for curbing the illicit trade so that only fair business as per approved health, quality and brand specifications and standard takes place and criminal elements involved in robbing the exchequer of due tax and duties and playing with the health of general public may be brought to law.

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