FBR Collected Rs. 464.5 Billion Tax From Just 3 Industries in First Half of FY 2019-20 - Android

Petroleum (POL) products, food items, and the power sector remained the top three revenue sources of Inland Revenue Taxes (income… Read More

The post FBR Collected Rs. 464.5 Billion Tax From Just 3 Industries in First Half of FY 2019-20 appeared first on .

Petroleum (POL) products, food items, and the power sector remained the top three revenue sources of Inland Revenue Taxes (income tax, sales tax, and Federal Excise Duty), making payments of Rs. 315 billion, Rs. 76.5 billion and Rs. 73 billion respectively during the half-year (July-Dec 2019-20).

The Federal Board of Revenue (FBR) has prepared sector-wise data of taxes collected during the first half of 2019-20 as compared to the same period of 2018-19.

The data revealed that POL products contributed Rs. 315 billion during the period versus Rs. 261.24 billion last year, reflecting a growth of 21 percent.

Food products contributed to Rs. 76.5 billion in revenue collection compared to Rs. 73 billion during the same period of 2018-19, showing a growth of 4.6 percent.

The power sector contributed Rs. 73 billion compared to Rs. 43 billion in July-December (2018-19), with an increase of 69.7 percent.

Banks contributed Rs. 53 billion in the form of income tax, sales tax and Federal Excise Duty (FED) during the first half of 2019-20 against Rs. 42.7 billion during the same period of 2018-19, with an increase of 24 percent.

The telecom sector contributed Rs. 29.6 billion versus Rs. 23 billion in the same period of last fiscal year, showing an increase of 27.7 percent.

After the withdrawal of zero-rating facility at the domestic stage, the tax collection from the textile sector stood at Rs. 61 billion during the first half of 2019-20 against Rs. 20 billion in the same period last fiscal, showing an increase of 205.1 percent.

The cement sector contributed Rs. 56.205 billion versus Rs. 20 billion, showing an increase of 5.2 percent while the tobacco sector contributed Rs. 50 billion during July-December (2019-20) against Rs. 46 billion in the same period of last fiscal year, reflecting an increase of 7.2 percent.

The revenue collected from the auto sector stood at Rs. 45.8 billion during the first six months of 2019-20 compared to Rs. 62.5 billion during the corresponding period of 2018-19, showing a decrease of 26.6 percent. The IR tax collection from the chemical sector was Rs. 38 billion during July-Dec (2019-20) against Rs. 28.5 billion, showing an increase of 34.6 percent.

The iron and steel sector paid Rs. 36.7 billion during the first half of FY 2019-20 compared to Rs. 30.9 billion in July-Dec (2018-19), showing an increase of 18.9 percent.

The taxes collected from the beverage sector amounted to Rs. 35 billion during this period versus Rs. 28.3 billion in the same period of 2018-19, showing an increase of 23.2 percent.

The FBR collected Rs. 16.3 billion during the first half of 2019-20 from the sugar sector against Rs. 10.3 billion during the same period of 2018-19, reflecting an increase of 57.6 percent.

The leather sector contributed Rs. 4 billion during July-Dec (2019-20) against Rs. 2.8 billion during the same period of 2018-19, showing an increase of 40.4 percent.

The post FBR Collected Rs. 464.5 Billion Tax From Just 3 Industries in First Half of FY 2019-20 appeared first on .