ISLAMABAD: The Federal Board of Revenue (FBR) has achieved its first quarter tax collection target and pooled Rs1 trillion.

“Federal Board of Revenue has done remarkably well in the 1st quarter of the current fiscal year. On the basis of State Bank Of Pakistan (SBP)’s provisional figures, FBR has reported a net revenue figure of Rs.1,004 billion exceeding the given target of Rs. 970 billion by a margin of 34 billion,” the FBR said in a statement on Friday.

According to the statement 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 Rs 1 trillion in gross as well as net collection in first quarter of a fiscal year. The gross revenue stood at Rs.1052 billion. This is despite the fact that during the 1st quarter of the current fiscal year, refunds to the tune of Rs. 48 billion against only Rs. 26.5 billion last year have been issued, which has greatly helped boost the economic activity in the country. FBR’s appreciable performance is despite the fact that the economy has been sluggish in the wake of on-going COVID-19 pandemic.

Moreover, the Government had extended significant tax relief measures to the public in the Finance Act, 2020. It also reflects taxpayers’ growing confidence on the revenue measures being taken by the present government.

FBR has initiated quite a few revenue and facilitation related revitalization measures e.g. establishment of Large Taxpayers’ Unit Multan and Corporate Tax Office (CTO), Islamabad.