ISLAMABAD: The Federal Board of Revenue (FBR) collected net revenues of Rs 3,799 billion during the first eight months of the current fiscal year (2021-22), exceeding the target set for the period by Rs 268 billion.
This represents a growth of about 30.3% over the collection of Rs. 2,916 billion during July-February (2020-21), the board said in a statement issued here.
The board specially mentioned that Inland Revenue collection increased by 29.0% during July-February (2021-22) as it was recorded at Rs.3,177 billion against Rs. 2,463 billion collected in the same period, last year.
Likewise, Pakistan Customs successfully maintained its growth trajectory by collecting Rs. 622 billion during the period under review as against Rs. 454 billion collected during the same period, last year.
Meanwhile, building further on its ongoing momentum for revenue collection, the board during February 2022 has not only achieved its assigned target of Rs.441 billion fixed for the month but also exceeded the same by Rs.2 billion as it has collected Rs.443 billion, according to provisional figures released by FBR.
The net collection for the month of February, 2022 stood at Rs 443 billion, representing an increase of 28.3 % over Rs 345 billion collected in February, 2021. These figures would further improve before the close of the day and after book adjustments have been taken in to account, said FBR statement.
On the other hand, the gross collections increased from Rs3,074 billion during July-February (2020-22) 1o Rs 3,996 billion in current fiscal year, showing an increase of 30%.
Likewise, the amount of refunds disbursed was Rs 197 billion during July-January (2021-22) compared to Rs 157 billion paid last year, showing an increase of 25.4%.
It is pertinent to mention that FBR has introduced a number of innovative interventions both at policy and operational level with a view to maximize revenue potential through digitization, transparency, and taxpayers’ facilitation.
These measures have not only resulted in ensuring the ease of doing business but also translated in a healthy and steady growth in revenue collection, the statement added.
Likewise, the incumbent FBR top leadership has launched a new culture of clean taxation with a clear focus on collecting only the fair tax and not holding up refunds which are due to be paid.
This has not only fast tracked the process of bridging the trust deficit between FBR and taxpayers but also ensured the much-needed cash liquidity for business community.
That’s precisely why, for the first time ever in the country’s history, FBR continued to surpass its assigned revenue targets despite challenges and price stabilization measures adopted by the government, the statement concluded.
