Federal Board of Revenue during first quarter of the current financial year recorded a provisional net revenue collection of over Rs. 836 billion as against Rs. 766 billion collected during the same period of the previous fiscal year, including collection on account of book adjustments. The assigned revised revenue target for the first quarter is 851 billion.
The increase of Rs 70 billion from the corresponding period of previous financial year is despite the fact that relief measures, introduced through Finance Act, 2018, have adversely affected the revenue collection in the first quarter.
The provisional collection for the month of September 2018 stands at Rs 323 billion excluding collection on account of book adjustments. The figures of collection received in the treasuries of the remote areas may further swell the revenue figures. The revenue collection trend during the first quarter of the financial year augurs well for the efforts of FBR towards achievement of the assigned revised annual revenue target of Rs 4398 billion.
Federal Board of Revenue on Sunday, September 30, 2018, also extended the due date for filing of Income Tax Returns/Statements by Companies required to file returns by 30th September, 2018, salaried individuals, other individuals and AOPs, till 30th November, 2018. The date was extended for two months in view of the directions of Federal Minister for Finance, Revenue and Economic Affairs for simplification of the Return forms.