Business

ISLAMABAD (Staff Report) – Federal Finance Minister Senator Ishaq Dar has been informed that Federal Board of Revenue (FBR) has collected Rs2103 billion registering a 19.7% revenue growth rate in first three quarters of fiscal year 2015-16.

Mr. Haroon Akhter Khan, Special Assistant to Prime Minister on Revenue Division and Secretaries of the Finance and Revenue Divisions were also present during the meeting to to review performance of Revenue Division/FBR and Finance Division in the first nine months of the current fiscal year.

The meeting noted that Federal Board of Revenue has continued to display exceptional performance in the third quarter as well and has clocked an unprecedented revenue collection of over 2103 billion for the first nine months of fiscal year by recording an increase of around 19.7% of the revenue collected during the corresponding period of last fiscal year.

Chairman FBR, Nisar Muhammad Khan informed that impressive growth in revenue has been achieved despite a massive decrease in fuel prices, persistent recessionary trends in global economy, drop in commodity prices and low inflation. The 19.7% revenue growth also reflects a qualitative improvement as for the first time in many years, revenue targets have not been revised downward throughout this fiscal year and so far the revenue generation remains steady and in some areas better than initial projections.

During the quarter ending March, 2016, according to the provisional figures received so far, FBR has made a net collection of around Rs.718 billion as against Rs.588 billion collected during third quarter of 2014-15, showing an increase of 22.1%. The revenue collection trend during the first nine months of the financial year, the meeting noted, augurs well for the efforts of FBR towards achievement of the annual assigned revenue targets.

Finance Minister commended efforts of SAPM on Revenue, Mr. Haroon Akhtar Khan, Chairman Nisar Mohammad Khan and his whole team for impressive revenue collection. He expressed the hope that FBR shall keep up its good performance in the last quarter.

Secretary Finance Division, Dr. Waqar Masood Khan informed that targets for Net International Reserves, Net Domestic Assets and SWAP were achieved for the third quarter and performance criteria for the quarter has been achieved. As regards other economic targets, the data for the same is being compiled, he added. Finance Minister directed that the exercise in this regard should be completed within a week.

Details of Revenue collection FY 2015-16 (up to March ):

*Rs in Billion

  2014-15 2015-16 GROWTH %
First Quarter 538 600 11.6%
Second Quarter 627 785 23.8%
Third Quarter 588 718 22.1%
Total of three quarters 1,753 2,103 19.7%