Revenue collection increases 17.5% during first eight months of FY

ISLAMABAD, Apr 26 (APP):The revenue collection by Federal Board of Revenue (FBR) witnessed an increase of 17.5 percent during the first eight months of the current fiscal year compared to the same period of last year.
The board collected around Rs 2,257.6 billion during the period under review against Rs 1,921.7 billion during the same period of FY2017, according to Pakistan Economic Survey launched here by Advisor to Prime Minister on Finance, Miftah Ismail.
According to the pre-budget document, FBR tax revenues grew by 8.2 percent to Rs 3,367.9 billion during FY2017 against an impressive growth of over 20 percent during FY2016.
All the taxes have exhibited positive growth during the period July-February, FY2018. FBR annual revenue target for FY2018 has been fixed at Rs 4,013 billion which requires a growth of around 19.15 percent over and above the actual tax receipts of Rs 3,367.9 billion generated during FY2017.
The net collection of direct taxes has registered a growth of 12.7 percent during the period while
the gross and net collections of indirect taxes have witnessed growth of 21.5 percent and 20.6 percent respectively.
The collection of federal excise duties (FED) during July-February, FY2018 has recorded 11.9 percent growth while Customs Duty collection has registered growth of 26.9 percent and 26.8 percent
in both gross and net terms respectively.