The offshore and domestic tax amnesty schemes expired on Tuesday after the Federal Board of Revenue (FBR) did not give another extension. This also gave a boost to the FBR’s tax collection in July. Excluding the impact of the tax amnesty scheme, the FBR’s provisional monthly collection stood at Rs225 billion, which was higher by 6.8% over the collection of July 2017. Tax amnesty evokes poor responseThe last National Assembly had approved Rs4.435 trillion annual tax collection target for the FBR. There is huge scope in improving the tax collection, as the country faces revenue losses due to under invoicing and smuggling of consumer goods.

Source: The Express Tribune August 01, 2018 03:33 UTC