ISLAMABAD: The Federal Board of Revenue (FBR) has realized Rs.1501 billion revenues up to January 18 against the collections of Rs. 1261 billion taxes in the same period of last fiscal year, showing an increase of 19 percent, a senior official of the board said.
Spokesman of FBR, Dr. Muhammad Iqbal told APP here Wednesday that the FBR had performed well in tax collection and as it collected 30 percent more taxes during first 18 days of January 2016 as compared to same period of last year.
He said during the period Rs.125 billion were collected as compared to the collection of Rs 95.5 billion during same period of last year.
The FBR Spokesman said the tax amnesty scheme was aimed at introducing the simple procedure for filing the tax returns to facilitate the filers.
He said the new procedure would enhance tax compliance, expand the tax-base, discourage tax evasion and reduce cost of compliance by the traders.
He added that under this scheme FBR wants to raise tax revenues without inconveniencing the traders and minimize contact between tax officials and taxpayers.
Dr. Iqbal said the simplified procedure can be availed by both the existing return filer and non- filer traders.
Dr.Iqbal said that FBR was committed to broaden the tax net for strengthening the national economy and to enhance tax to GDP ratio in the country in line with the policy of the government.
FBR had collected an amount of 28 percent extra in the months of October, November and mid of December as compared to the same period of previous year, he said.
The performance of FBR, he said was very encouraging in the second quarter of current fiscal year and figures show 30 percent increase in collection of taxes, he added.
The FBR Spokesman said that the FBR’s administrative reforms were gradually leading to improvement in tax structure and revenue collection.
The reforms, he said would continue to address the issue of tax compliance and administration.
He said that serious efforts were underway to bring FBR at par with the tax authorities of the developed countries for economic stability in the country.
He said the government had directed all the chief commissioners of regional tax office to accelerate the efforts for the broadening the tax base.