Federal Board of Revenue (FBR) has detected 486,238 tax defaulters in the country during the last two years and collected around Rs 52.654 billion. The FBR detected a total of 242,087 tax defaulters during 2014-15 including 198,976 income tax defaulters, 42,410 sales tax defaulters and 701 Federal Excise Duty defaulters while it detected a total of 244,151 tax defaulters during 2015-16 that include 194,624 income tax defaulters, 48,765 sales tax defaulters and 762 Federal Excise Duty defaulters.
According to the information placed before the National Assembly on Thursday during the Question Hour, it was revealed the FBR collected around Rs 24.855 billion during the 2014-15 and Rs 27.799 billion during 2015-16 from the defaulters.
The FBR collected Rs 21.744 billion under the head of income tax, Rs 2.286 billion as sales tax and Rs 825 million as FED during 2014-15 and it collected Rs 15.666 billion as income tax, Rs 4.118 billion as sales tax and Rs 8.015 billion as FED during 2015-16. To another question, Parliamentary Secretary for Finance and Revenue Rana Muhammad Afzal informed the National Assembly that the government signed a total of $5.123 billion loans with the Asian Development Bank during January 2013 to November 2016 while an amount of $2.812 has been disbursed to the government during the said period.
Elaborating terms and conditions of the ADB loan, he said the total OCR loans from January 2013 stand at 22, interest rate is LIBOR based+0.6 per cent, repayment period is 20 to 25 years while the grace period is five years.
About the Asian Development Fund loans, he said the total ADF loans from January 2013 stand at 12, interest rate is 2 per cent, repayment period is 20 to 25 years and grace period is five years. During the period from January 2013 to November 2016, total amount equivalent to $3.206 billion comprising principal $2.870 billion and interest $335 million has been paid to the ADB on account of debt servicing of foreign loan, he said.