Tax collections increased by 22 percent in January 2016: FBR
The target set for the first month of 2016 was Rs 204 billion but the board collected Rs 209 billion
ISLAMABAD (Dunya News) – Tax collections have increased by 22 percent in the first month of 2016 while Federal Board of Revenue (FBR) has stated that tax targets would be achieved despite low prices of oil and crops, Dunya News reported Tuesday.
The board stated that Rs 209 billion tax has been collected in January 2016 while in January 2015, the collections were Rs 171 billion.
The target set for the first month of 2016 was Rs 204 billion. However, the board successfully surpassed its target by as many Rs 4 billion. According to the FBR, tax worth Rs 1,594 billion has been collected in the first seven months of the fiscal year (FY) 2015-16.
The board has stated that the department would be able to achieve its set target for the fiscal year 2015-16 despite the low prices of crude oil and crops.
Earlier on Monday, the FBR issued a notification for Income Tax Amnesty Scheme for the traders that will remain valid till 2018.
According to the notification, the Income Tax Amendment Act 2016 has been implemented across the country. It will be mandatory for the traders to file the tax returns for the year 2015.
Those having a trade volume of Rs. 50 million will have to file 0.2% tax. In the second slab, those having sales between Rs. 50 million and Rs. 250 million will have to pay Rs. 100,000 as fixed tax and 0.15% tax will be implemented.
For those having sales above Rs. 250 million will have to pay a fixed Rs. 400,000 and an additional income tax of 0.1%.
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