Tax collection has increased, says spokesperson
FBR gathers Rs134b till August 26, will issue notices to non-compliant persons.
ISLAMABAD:
The Federal Board of Revenue (FBR) has recorded a collection of Rs134 billion as gross revenues till August 26 as compared to Rs110 billion collected in the same period of the previous fiscal year, depicting a 20% growth, a senior official said.
“The PTI led sit-ins have entered its 12th day and, despite the civil disobedience campaign, a much productive tax collection with over 20% increase has been recorded in August as compared to the previous year,” said Member Inland Revenue and FBR spokesperson Shahid Hussain Asad.
He said that unlike other economic indicators, the protests and sit-ins did not dent tax collection efforts of the government.
“FBR also collected Rs138 billion by July 31, 2014, which is Rs1 billion higher than the tax collected in the same period of the fiscal year 2013.”
Replying to a question, the spokesperson said that the civil disobedience call has negatively affected foreign investment and impacted the economic situation of the country. He added that although the business community and traders from all over the country have rejected the call, sit-ins have caused a huge loss to the national economy and negatively impacted local businesses across the country.
According Hussain, as a consequence of the sit-ins by both political parties the local stock exchange witnessed a bearish trend in the current week.
“The FBR is committed to broaden the tax net in order to strengthen the national economy and to enhance tax to GDP ratio in the country in line with the policy of the government,” said Hussain.
Adding that the FBR plans to issue notices to non-compliant persons, who have not filed their tax returns. He expressed hope that the business community would benefit from these facilities and would file their tax returns.
Published in The Express Tribune, August 27th, 2014.
The Federal Board of Revenue (FBR) has recorded a collection of Rs134 billion as gross revenues till August 26 as compared to Rs110 billion collected in the same period of the previous fiscal year, depicting a 20% growth, a senior official said.
“The PTI led sit-ins have entered its 12th day and, despite the civil disobedience campaign, a much productive tax collection with over 20% increase has been recorded in August as compared to the previous year,” said Member Inland Revenue and FBR spokesperson Shahid Hussain Asad.
He said that unlike other economic indicators, the protests and sit-ins did not dent tax collection efforts of the government.
“FBR also collected Rs138 billion by July 31, 2014, which is Rs1 billion higher than the tax collected in the same period of the fiscal year 2013.”
Replying to a question, the spokesperson said that the civil disobedience call has negatively affected foreign investment and impacted the economic situation of the country. He added that although the business community and traders from all over the country have rejected the call, sit-ins have caused a huge loss to the national economy and negatively impacted local businesses across the country.
According Hussain, as a consequence of the sit-ins by both political parties the local stock exchange witnessed a bearish trend in the current week.
“The FBR is committed to broaden the tax net in order to strengthen the national economy and to enhance tax to GDP ratio in the country in line with the policy of the government,” said Hussain.
Adding that the FBR plans to issue notices to non-compliant persons, who have not filed their tax returns. He expressed hope that the business community would benefit from these facilities and would file their tax returns.
Published in The Express Tribune, August 27th, 2014.