Amid COVID-19, FBR achieves revised tax collection target for 2019-20

[Dil_Pakistan]

Amid COVID-19, FBR achieves revised tax collection target for 2019-20

KARACHI: Federal Board of Revenue (FBR) on Tuesday announced that it has successfully achieved a revised target of tax collection for the fiscal year 2019-20 amid COVID-19 pandemic, ARY NEWS reported.

The FBR spokesman said that the revised estimate of tax collection for the outgoing fiscal year was set at Rs 3,907 billion. “We have collected Rs 3,957 billion in terms of taxes at the end of the fiscal year,” he said.

“Overall tax collection is Rs50 billion more than the estimated targets,” he said.

The spokesman said that they had collected Rs 411 billion in the last month of the year, June 2020, which is more than the set target of Rs 398 billion.


The FBR official said that the tax collection body crossed the Rs400 billion mark in terms of gross revenue collection for the first time. “Such a collection during a month even at the time of the pandemic is an applaudable act,” he said.

He said that the COVID-19 has claimed the lives of over 30 employees of the FBR, but they still continued their services despite the looming threats.

It is pertinent to mention here that the announcement of achieving tax collection targets from the FBR came a day after Chief Minister Sindh Syed Murad Ali Shah on Monday refused to collect taxes for the Federal Board of Revenue (FBR) under Income Tax Ordinance 2001.


Shedding light on the matter, Secretary Sindh Excise department Abdul Haleem Shaikh said that they used to collect these taxes voluntarily to submit it with the federal authorities. He, however, said that constitutionally, they were not bound to collect it.

We will not be receiving this tax after fresh directives from the chief minister Sindh, he said.

https://arynews.tv/en/covid-19-fbr-tax-collection-target/

 

[ps3linux]

Expansion of tax net, bringing more people/industries in the tax net and little vigilance seems to have improved things for FBR

 

[Oracle]

Payed 61000 Rs tax this month only [emoji853]

Tax na Dene walo ki saza tax Dene wale Ko milti ha...

 

[ps3linux]

Payed 61000 Rs tax this month only [emoji853]

Tax na Dene walo ki saza tax Dene wale Ko milti ha...

Not to detrack the thread, but I remember there was a thread probably started by @fatman17 where tax advisory for individuals was mentioned.

You need to consult the thread or a tax planner, the way I do it my HR/Payroll deducts zero tax in the last two months as per FBR laws applicable to individual/salaried.

 

[volatile]

let us wait and see ,by the how many rebates are pending for exporters ? Also it seems IK sb is doing any thing to save himself trust for this Govt over numbers will be a big mistake just like GDP growth lie of 3.9 to 1.9

 

[niaz]

Amid COVID-19, FBR achieves revised tax collection target for 2019-20

KARACHI: Federal Board of Revenue (FBR) on Tuesday announced that it has successfully achieved a revised target of tax collection for the fiscal year 2019-20 amid COVID-19 pandemic, ARY NEWS reported.

The FBR spokesman said that the revised estimate of tax collection for the outgoing fiscal year was set at Rs 3,907 billion. “We have collected Rs 3,957 billion in terms of taxes at the end of the fiscal year,” he said.

“Overall tax collection is Rs50 billion more than the estimated targets,” he said.

The spokesman said that they had collected Rs 411 billion in the last month of the year, June 2020, which is more than the set target of Rs 398 billion.


The FBR official said that the tax collection body crossed the Rs400 billion mark in terms of gross revenue collection for the first time. “Such a collection during a month even at the time of the pandemic is an applaudable act,” he said.

He said that the COVID-19 has claimed the lives of over 30 employees of the FBR, but they still continued their services despite the looming threats.

It is pertinent to mention here that the announcement of achieving tax collection targets from the FBR came a day after Chief Minister Sindh Syed Murad Ali Shah on Monday refused to collect taxes for the Federal Board of Revenue (FBR) under Income Tax Ordinance 2001.


Shedding light on the matter, Secretary Sindh Excise department Abdul Haleem Shaikh said that they used to collect these taxes voluntarily to submit it with the federal authorities. He, however, said that constitutionally, they were not bound to collect it.

We will not be receiving this tax after fresh directives from the chief minister Sindh, he said.

https://arynews.tv/en/covid-19-fbr-tax-collection-target/

Sir,

This is what is called a "SPIN" to the actual situation. Before PTI stalwarts jumping with joy; they should realize that the Revenue target had been revised downward 3 times since the 2019-2020 fiscal budget was announced last year.

Quote
It may be noted that FBR’s tax collection target had been revised downwards for three times in the current fiscal year, from the original target Rs5.55 trillion. It was first revised to Rs5,238 billion following the International Monetary Fund’s review of Pakistan’s Extended Fund Facility.

The tax target was further revised to Rs4,803 billion in February this year when the Pakistani authorities had apprised the IMF of impediments in tax collection.

It may be noted that FBR’s tax collection target had been revised downwards for three times in the current fiscal year, from the original target Rs5.55 trillion. It was first revised to Rs5,238 billion following the International Monetary Fund’s review of Pakistan’s Extended Fund Facility.

The tax target was further revised to Rs4,803 billion in February this year when the Pakistani authorities had apprised the IMF of impediments in tax collection.

Full article:

https://profit.pakistantoday.com.pk...372bn-in-june-to-meet-revised-revenue-target/

You keep reducing your collection target and when you achieve the reduced target you declare a great achievement!!!

It reminds me of an Urdu couplet.

Junoon ko khirad keh diya khirad ko junoon
jo chahey aapka husney karishma saaz karey.

Meaning you have termed madness as the intelligence and intelligence as madness. Your magical beauty can do whatever it desires.

 

[Jungibaaz]

Revised target is understandably woeful but ‘achieving it’ as if you did something brilliant is a joke.

If the economy is slowing, increasing tax collection is impossible without causing lots of pain and further deflating it. I had hoped that with all the tough measures taken we might break 4,100 but I was sure that initial targets were completely fanciful. I don’t want to be unnecessarily critical of the government here, but this positive spin is completely false.

 

[Dil_Pakistan]

Sir,

This is what is called a "SPIN" to the actual situation. Before PTI stalwarts jumping with joy; they should realize that the Revenue target had been revised downward 3 times since the 2019-2020 fiscal budget was announced last year.

Quote
It may be noted that FBR’s tax collection target had been revised downwards for three times in the current fiscal year, from the original target Rs5.55 trillion. It was first revised to Rs5,238 billion following the International Monetary Fund’s review of Pakistan’s Extended Fund Facility.

The tax target was further revised to Rs4,803 billion in February this year when the Pakistani authorities had apprised the IMF of impediments in tax collection.

It may be noted that FBR’s tax collection target had been revised downwards for three times in the current fiscal year, from the original target Rs5.55 trillion. It was first revised to Rs5,238 billion following the International Monetary Fund’s review of Pakistan’s Extended Fund Facility.

The tax target was further revised to Rs4,803 billion in February this year when the Pakistani authorities had apprised the IMF of impediments in tax collection.

Full article:

https://profit.pakistantoday.com.pk...372bn-in-june-to-meet-revised-revenue-target/

You keep reducing your collection target and when you achieve the reduced target you declare a great achievement!!!

It reminds me of an Urdu couplet.

Junoon ko khirad keh diya khirad ko junoon
jo chahey aapka husney karishma saaz karey.

Meaning you have termed madness as the intelligence and intelligence as madness. Your magical beauty can do whatever it desires.

I think the title of the article itself is self-explanatory, isn't it? It clearly says revised. What you mentioned is already known, at least to those who follow news. We have to look at positives though. Likely these revised targets were set with knowledge and or approval of IMF and achieving or surpassing them still is a good sign. Rs. 5.5 trillion target was ambitious to start with. Also we can't undermine COVid-19 and its impact on economy with the lock downs and all. For a nation that enjoys seeing glass half empty, sometimes seeing glass half full ain't so bad.

 

[Morpheus]

Revised target is understandably woeful but ‘achieving it’ as if you did something brilliant is a joke.

If the economy is slowing, increasing tax collection is impossible without causing lots of pain and further deflating it. I had hoped that with all the tough measures taken we might break 4,100 but I was sure that initial targets were completely fanciful. I don’t want to be unnecessarily critical of the government here, but this positive spin is completely false.

The target was revised down with approval from IMF. The last one was revised down after seeing affect of the virus on the economy.

 

[KeyBORED Warrior]

Expansion of tax net, bringing more people/industries in the tax net and little vigilance seems to have improved things for FBRView attachment 646589

Where have you been? Please pen some articles regarding Pakistan's economy. Really enjoyed my last convo with you.

 

[Jungibaaz]

The target was revised down with approval from IMF. The last one was revised down after seeing affect of the virus on the economy.

Of course it was, like I said, meeting the old targets would be impossible if without causing damage. But my point is that meeting the revised target is no real achievement.

 

[Morpheus]

Of course it was, like I said, meeting the old targets would be impossible if without causing damage. But my point is that meeting the revised target is no real achievement.

Has any previous gov achieved the tax target, revised or not revised?

 

[Jungibaaz]

Expansion of tax net, bringing more people/industries in the tax net and little vigilance seems to have improved things for FBRView attachment 646589

Where is this value of 4.84tn coming from?

Has any previous gov achieved the tax target, revised or not revised?

I’m sure if they all had revised targets at the 11th hour, they’d reach their targets every time. I’m sure some good work has been done in expanding tax collection but let’s be realistic here, this isn’t the major achievement you’re selling it as.

Also, even with no covid, I don’t see how this government could have achieved 5.5tn target.

 

[Morpheus]

I’m sure if they all had revised targets at the 11th hour, they’d reach their targets every time. I’m sure some good work has been done in expanding tax collection but let’s be realistic here, this isn’t the major achievement you’re selling it as.

Also, even with no covid, I don’t see how this government could have achieved 5.5tn target.

None. Achieving the tax target means now the tax system have improved a lot that targets can been achieved. Before it was just a number, with no realistic ways of achieving it. Now we know its not true.

FBR was able to collect 50billion more then the targeted. If the virus has never happened, there would have been more business activities done, that could have collected that amount. In 8 months they had collected 3trillion. Who know, maybe they could have achieved that target.

 

[Syed1.]

Look at all the patwaris trying to play down this news. It's almost as if they want Pakistan to suffer just because their favorite Mian Saanp isn't at the helm.


Listen up patwaris achieving 4 trillion tax is unprecedented in our history and I'm fairly certain it's never been done before. Certainly never during Mian Saanp's three terms. That shows that if economy wasn't shut for 2-3 months FBR would have achieved tax revenue target of 4.9-5.1t


Please apply burnol if you a$$ is on fire. The rest of us Pakistanis who don't do sajda infront of Mian Saanp portraits will celebrate this news.

Of course it was, like I said, meeting the old targets would be impossible if without causing damage. But my point is that meeting the revised target is no real achievement.

If it's no big achievement then why did your favorite Mian Saanp never manage to collect tax revenue of 4 trillion?