ISLAMABAD; The Federal Board of Revenue (FBR) has released the revenue collection figures of first two months of current financial yearJuly and August-2020. According to the coolection data ,FBR collecyed Rs 593 billion against the target of Rs.551 billion, showing an increase of 42 billion (108 percent). The revenue collection in the first two months of previous year 2019-20 was 582 billion.
To redress the hardships of the business community caused by Covid-19, refunds to the tune of Rs.30.6 billion have been disbursed collectively in the first two months of FY-2020, as compared to refunds of Rs.11 billion during first two months of FY-2019. Sales Tax refunds are being issued under centralized and automated system called FASTER which is clearing refunds to exporters within 72 hours for the first time as committed by the Government. In a statement issued here Monday, FBR said FBR is also engaging with trade and industry to mitigate their genuine grievances. FBR is proactively reaching out to trade and industry and resolving their issues. FBR has also launched an unprecedented crackdown on corruption dismissing and suspending 76 officers and officials since July 2020.
In post COVID-19 pandemic scenario, the economic activities are now being revived through multiple economic stimuli and reliefs granted in the budget FY-2020-21. Hectic efforts were put up by Customs field formations in respect of collection of duty and taxes which was otherwise a daunting task owing to post COVID-19 pandemic economic constraints, Muharram’s holidays and heavy rain fall in Karachi which is the epicenter of country’s revenue collection.