FBR says it achieves its target
ISLAMABAD: Federal Board of Revenue (FBR) has collected 2,680 billion rupees in tax revenue in the first five months of the current financial year. FBR continues to show excellent performance in revenue collection for the fifth consecutive month of the current fiscal year, a press release said on Wednesday.
FBR has collected Rs 2,688 billion in tax
FBR has exceeded both the five months target of 2,680 billion rupees as well as monthly target of 537 billion rupees despite import compression and zero rating on POL products. It said that Rs 2,688 billion tax has been collected during the first five months of the current fiscal year while a 15.3% increase has been recorded during the first five months.
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Provisional gross revenue collection is recorded as 2,823 billion rupees for the first five months, it added. FBR said that 43% maximum growth was reported in direct tax collection. The provisional net collection for November 2022 is 538.2 billion rupees which shows a raise of more than 11.5% over the collection of Rs 480 billion for November 2021.
FBR said that the achievement of targets was made possible because of extraordinary measures taken in the areas of monitoring, recoveries, and day-to-day vigilance. FBR collected 24.17 billion rupees in the area of Income Tax during the five-month period as against 11.69 billion rupees collected in the previous year. This growth in tax revenues underscores the resolve of the Government and the Federal Bureau of Revenue (FBR) to make Pakistan a prosperous country.
Ishaq Dar says government extends the deadline for tax returns
Finance Minister Ishaq Dar announced that the deadline for filing tax returns has been extended till December 15. He asked the people to take advantage of the new deadline and file their tax returns. Meanwhile, finance minister Ishaq Dar urged the banking sector in Pakistan to promote and move towards Islamic banking in the country. He said that Pakistan could become interest free country in five years.
Ishaq Dar and Banking system
He expressed the statement while addressing a seminar in Karachi. The seminar was organized by the Federation of Pakistan Chambers of Commerce and Industry and the Centre for Islamic Economics. Religious scholars from all schools of thought, businessmen, bankers, and politicians took part in the seminar. On the occasion, the minister said that his government is working on converting the current banking system to an interest-free one.
Minister and Banking
The minister said that the percentage of Islamic banking in Pakistan had already reached 21 percent. He added that the government wants to completely implement Islamic banking in the upcoming years. He added that the banking system is necessary and transparent transactions can be ensured through it. Federal Shariat Court judgment issued in April 2022 gave the government 5 years to implement an interest-free banking system in Pakistan.
