ISLAMABAD: Federal Board of Revenue (FBR) Dr. Muhammad Ashfaq Ahmed said the board had generated a record annual revenue collection of Rs 4,735 billion in 2020-21, showing a growth of 18.45 percent as compare to the previous year of 2019-20.
In the previous years of 2018, 2019 and 2020 revenue collection was observed at Rs 3,844, Rs 3,829,Rs 3997 billion respectively, he said this while addressing a press conference along with other members and senior official of FBR here.
He said that refunds of Rs 364 billion in fiscal year 2021 against Rs 276 billion in 2020 was observed and Rs 88 billion with 31.8 percent growth.
The Chairman FBR said that the Finance Act, 2020 was revenue neutral, when the economy went through the Covid shock.
He said that tax concession /waivers carrying a tax- tag of Rs 50 billion approximately were allowed during the year 2020-21.
He said the revenue target in August 2021 was Rs 349 billion while the collection was Rs 434 billion, which resulted in an increase of Rs 125 billion.
The chairman said that the target for income tax in August 2021 was Rs 114 billion while the collection was Rs 120 billion and the same sales tax target was Rs 155 billion in which the collection was Rs 217 billion.
Similarly, the target for federal excise duty in August was Rs 23 billion with a collection of Rs 23 billion.
The chairman said that the target for land revenue was set at Rs 292 billion out of which Rs 360 billion was collected.
Similarly, the target for customs duty in August 2021 was Rs 57 billion while the collection was Rs 74 billion.
While briefing the media on institutional reforms in FBR, he said that through reconstructing initiatives “we introduce the centralized monitoring and supervision for enhancing the revenue collection.” He said that FBR had also worked on realignment of jurisdiction and also established the LTO Multan and CTO in Islamabad.
He said that crackdown against smuggling and POL stations and curbing under invoicing also a priority of the FBR.
He said that through reconstructing initiatives, the FBR also initiated high impact audits and automation of sales tax and Income tax.
He said that “We also started the centralized post refund audit and alternative dispute resolution for smooth functioning of tax collection.” The chairman said that Chief Commissioners and Ombudsperson were committed to resolve tax payers issues expeditiously.
