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ISLAMABAD:<\/strong><\/span>The Federal Board of Revenue (FBR) exceeded its eight-month tax collection target by Rs268 billion but narrowly avoided missing the monthly target for the third month in a row after slowing down disbursement of taxpayers\u2019 refunds.<\/p>\n Against the original but relatively low tax target of nearly Rs3.53 trillion, the FBR provisionally collected nearly Rs3.8 trillion during the July-February period of current fiscal year, according to an FBR\u2019s statement.<\/p>\n The collection was Rs884 billion, or slightly over 30%, higher compared to the collection of Rs2.9 trillion in the same period of previous year, according to the FBR.<\/p>\n However, the FBR\u2019s performance was once again largely dependent on imports that contributed nearly 53% to the total collection, which helped camouflage the weaknesses in domestic sales tax collection.<\/p>\n The FBR said that it paid Rs197 billion in tax refunds, against Rs157 billion in the same period of previous fiscal year.<\/p>\n However, it paid Rs8.2 billion, or 35%, less refunds in February after the tax department saw that it was going to miss the monthly target for the third consecutive month.<\/p>\n The FBR paid Rs15.3 billion in tax refunds in February 2022, against Rs23.5 billion in the same month a year ago.<\/p>\n It helped the tax machinery to show Rs443.5 billion collection in February, hardly Rs1.5 billion higher than the target.<\/p>\n FBR Chairman Dr Mohammad Ashfaq did not respond to the question whether the release of refunds slowed down to avoid missing the monthly target.<\/p>\n After assuming the responsibility, Ashfaq had promised that he would neither take advance taxes nor block refunds to achieve the targets.<\/p>\n For the last two months, the FBR had missed its monthly targets, although its overall collection was higher than the original target.<\/p>\n The FBR has not revised upwards its monthly targets so far despite imposing 17% sales tax on almost every consumable item.<\/p>\n Under a deal with the International Monetary Fund (IMF), the current annual tax collection target of Rs5.829 trillion will go up to Rs6.1 trillion, which requires changes to the monthly targets.<\/p>\n In case it revises targets for the remaining four months of the current fiscal year, the task will become more uphill after slowdown in imports – a main source of FBR\u2019s tax collection.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" ISLAMABAD:The Federal Board of Revenue (FBR) exceeded its eight-month tax collection target by Rs268 billion but narrowly avoided missing the monthly target for the third month in a row after slowing down disbursement of taxpayers\u2019 refunds. Against the original but relatively low tax target of nearly Rs3.53 trillion, the FBR provisionally collected nearly Rs3.8 trillion […]<\/p>\n","protected":false},"author":2,"featured_media":16832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,39],"tags":[],"class_list":{"0":"post-16831","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-latest-news","8":"category-pakistan"},"_links":{"self":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/16831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/comments?post=16831"}],"version-history":[{"count":1,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/16831\/revisions"}],"predecessor-version":[{"id":16833,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/16831\/revisions\/16833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/media\/16832"}],"wp:attachment":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/media?parent=16831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/categories?post=16831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/tags?post=16831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}