Significant increase in tax revenue in first 2 months of financial year
Tax revenue has increased significantly in the first two months of the financial year.
According to the FBR, Rs 593 billion was collected in July and August. According to the FBR, 76 officers and officials have also been suspended to curb corruption.
According to the FBR, 42 billion more tax was collected than the target of Rs 551 billion. In July-August last financial year, Rs 582 billion were collected.
In the first two months of last year, Rs 11 billion was collected. 11 billion more refunds were paid than last year.
The FBR further said that the total customs duty collected in July and August stood at Rs 92 billion. In addition, the exemption of additional customs duty on 1600 tariff lines also led to a reduction in sales tax.
In the month of August 2020, Pakistan Customs seized Rs 3.95 billion worth of smuggled goods as against Rs 2.1 billion in August 2019, an increase of 87.3%. The seized items include clothing, cigarettes, foreign currency, petroleum products, drugs, and other miscellaneous items. In addition, luxury vehicles, gold, and silver were also seized.
Customs Multan, Peshawar, and Quetta offices have seized smuggled goods worth Rs 1.6 billion, while warehouses in Lahore, Karachi, and Islamabad have been raided and smuggled goods seized.