It was an informal meeting with the tax authorities including FBR Member Customs and FBR Member Inland Revenue Policy. Miftah Ismail has been appointed as Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, with the status of federal minister. He appreciated the FBR's persistent efforts in increasing revenue collection and broadening the tax base during the ongoing fiscal year.
The revenue collection has witnessed growth of 20 percent during July-November (2017-18) when compared with same period of the last fiscal year whereas total refunds of Rs56 billion have been paid during this period of 2017-18.
According to sources, the collection during the first five months of 2017-18 has shown growth of 20 percent as against growth of less than 8 percent in the previous year. All taxes and duties have shown a healthy growth during this period. The FBR has paid refunds of Rs56 billion during July-November (2017-18) as compared to Rs44 billion in the same period of 2016-17, reflecting an increase of Rs12 billion. The growth of 20 percent in revenue collection is more than the required growth of 19.2 percent per month.
Copyright Business Recorder, 2017