Tax collection Rs50bn higher than revised FY2019-20 target: FBR

ISLAMABAD: The tax collection for fiscal year 2019-2020 (FY2019-20) was Rs50 billion higher than the target that was revised owing to the coronavirus pandemic, the Federal Board of Revenue (FBR) announced Tuesday, as the ongoing period ended.

Pakistan "achieved its revised tax collection target for this year", an FBR spokesperson said, noting that the amount totaled Rs3.957 trillion as opposed to the goal of Rs3.907 trillion.

The spokesperson explained that the tax collection was Rs13 billion higher that the June target of Rs398 billion, meaning it ended up receiving Rs411 billion.

The spokesperson also noted that the FBR achieved a gross revenue of Rs40 trillion — the first time in its history.

FBR receives Rs64bn through Amnesty Scheme

On the other hand, the deadline for the government's Asset Declaration Scheme has ended, the spokesperson underlined.

The FBR official said the body collected Rs64 billion through the Tax Amnesty Scheme — launched last year to disclose domestic and overseas assets.

The FBR collected Rs11 billion in the ongoing year, as opposed to Rs53 billion last year, the representative said.

The FBR spokesperson underscored that the Asset Declaration Scheme was launched last year to provide an opportunity to disclose domestic and overseas assets. In this regard, legal action would be taken against those who did not benefit from the scheme and they would be forced to pay the full fines.

Punishment may include seizure of assets, such as property and bank accounts, as well as jail time, the spokesperson said.

In the PML-N tenure, a sum worth Rs124.8 bullion was collected through the Tax Amnesty Scheme.

—Additional reporting by Ashraf Malkham in Islamabad