FBR's tax collection in 2016 soars to Rs 3130 billion
Federal Board of Revenue (FBR) collected more than Rs 3130 billion in the tax year 2015-16 as per figures consolidated and reconciled by AGPR, surpassing the revenue collection target of Rs 3104 billion set for the year, which is unprecedented.
As per details, the FBR has made a net collection of more than Rs 3130 billion for the year ending June 30, 2016 as against Rs2589 billion collected in the year ending June 30, 2015 thereby registering a 21% increase over the last year.
FBR has collected Rs 1220 billion as income tax having a growth of 18.1 percent over the last year. The collection of sales tax in this period stood at Rs 1329 billion with a growth of 22.2 percent. Rs 404 billion was collected under the head of customs duty thereby giving an increase of over 30 percent. Federal Excise duty was collected to the tune of Rs 177 billion thus reflecting as increase of 9.1 percent over the collection of last year.
The FBR also wants to highlight that the originally assigned targets have been achieved without any downward revision which is an unprecedented accomplishment and speaks of the success of the economic policies being followed by the present government.