Federal Board of Revenue has done remarkably well in the 1st quarter of the fiscal year 2020-21. According to the provisional data released by State Bank of Pakistan (SBP), FBR collected a net revenue of Rs. 1,004 billion exceeding the prescribed target of Rs. 970 billion. Moreover, the gross revenue stood at Rs. 1052 billion.
Income Tax collection for the quarter stood at Rs. 358 billion. Similarly, collection of Sales Tax, Federal Excise Duty and Customs Duty remained at Rs. 426 billion, Rs. 56 billion and Rs. 164 billion respectively. This is the first time FBR has managed to cross the figure of 1 trillion in gross as well as net collection in first quarter of a fiscal year.
During the first quarter smuggled goods worth Rs. 14.38 billion have been seized as compared to seizures of Rs. 8.4 billion during the corresponding period of 2019.
