FBR’s Revenues Grow by 11.4% During Current Fiscal Year

The net revenue collections by the Federal Board of Revenue recorded an increase of 11.4 percent during fiscal year 2017-18 as compared to the corresponding period of last year. However, the board fell short of collection target during the fiscal year. The Federal Board of Revenue collected revenues of Rs3751 billion during fiscal year 2017-18 against the collection of Rs3368 billion during FY 2016-17, according to provisional figures released by the board here on Monday. The collection excludes the collection on account of book adjustments for June, 2018 while the board also issued Rs45 billion more refunds than the previous year, according to the data. ALSO READ Everything You Need to Know About FBR’s Amnesty Scheme [FAQs] According to the data, the board missed the target by Rs184 billion during the fiscal year under review. The board had set collection target of Rs3935 billion, however it was successful to realize Rs3751 billion. According to breakup figures, FBR surpassed the target customs duty collection by Rs6 billion as it collected Rs606 billion against the target of Rs600 billion for the fiscal year 2017-18. The board missed the Inland Revenue targets by Rs190 billion as it collected Rs3145 billion against the target of Rs3335 billion. It collected Rs1441 under the head of Income Tax against the target of Rs1562, showing shortfall of Rs121 billion. Similarly, it missed the Sales Tax target by Rs53 billion by collecting Rs1488 billion against the target of Rs1541 billion while the federal excise target was also missed by Rs16 billion as the board collected Rs216 billion against the target of Rs232 billion.