Against the two-month target of Rs690 billion, the FBR has provisionally collected Rs850 billion during the July-August period of this fiscal year, exceeding the target by Rs160 billion, said FBR Chairman Dr Mohammad Ashfaq while addressing his maiden press conference. The two-month growth rate was nearly double the pace that the FBR needed to achieve the Rs5.829-trillion annual target. Dr Ashfaq’s presser also helped understand his priorities as FBR chairman. Withholding of taxes at the import stage is the deliberate choice of the parliament, which has its own advantages, said the FBR chairman. The FBR showed 51% growth in sales tax collection in the July-August period, due to heavy reliance on import taxes.

Source: The Express Tribune September 01, 2021 03:33 UTC