Business

FBR collects Rs320 billion in October, revenue collection up by 16pc

FBR collects Rs320 billion in October, revenue collection up by 16pc

ISLAMABAD – The Federal Board of Revenue (FBR) has collected Rs320 billion revenues during the month of October and maintained overall increase over last year of 16 percent and domestic tax over 25 percent.

FBR Chairman Syed Shabbar Zaidi took to Twitter and told that the development is made after taking into account negative aspect of import contraction of around Rs50 billion.

He further said FBR has observed that withholding on commission payments to insurance agents are not being made strictly as required under the law by some insurance companies. Corrective actions are earnestly desired to avoid penal and adverse consequences.