FBR collects Rs 550 billion revenue till Sept 27

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ISLAMABAD, Sept 27 (APP): The Federal Board of Revenue (FBR) has made a net collection of over Rs 550 billion during current fiscal year till September 27 as against the net collection of Rs 500 billion made during same period of last year, thus showing an increase of 10 percent.

The target for the current month has been achieved, said Spokesman of FBR, Dr. Muhammad Iqbal while talking to APP here on Tuesday.

He said it is expected that the collection would further increase, when the final figures would be received by September 30.

Spokesman of FBR said that after imposition of tax collection, 40 percent tax increase is to be expected in current fiscal year 2016-17.

He said that property tax ordinance and SROs are also issued for valuation of property in 21 main cities of the country.

Dr. Iqbal said that 50,000 new tax filers have filed their returns in current fiscal years 2016-17 through E-filing.

He said last date for filing of tax returns of property is September 30, which is not expected to be extended any more.

He said that despite the huge challenges, FBR’s tax collection was on track.

Dr.Iqbal said that FBR is committed to broaden the tax net for strengthening the national economy and to enhance tax to GDP ratio in the country in line with the policy of the government.

The performance of FBR, he said is very encouraging in the first quarter of current fiscal year and figures show 10 per cent increase in collection of taxes, he added.

He said that FBR is determined to issue notices to those non-compliant persons, who have not filed their tax returns.

FBR Spokesman said that the FBR’s administrative reforms are gradually leading to improvement in tax structure and revenue collection.

The reforms, he said would continue to address the issue of tax compliance and administration.