Revenues surpass target, grow by 36.5 pc to Rs2.314 trillion in 5 months

Revenues surpasses target, grow by 36.5 pc to Rs2.314 trillion in 5 months

ISLAMABAD, Nov 30 (APP):The revenue collection by the Federal Board of Revenue (FBR) witnessed a considerable growth of 36.5 percent during the first five months of the current fiscal year as against the corresponding period of last year.

The FBR collected net revenues of Rs. 2,314 billion during July-November 2021-22 as against the collection of Rs. 1,695 billion during July-November 2021-21.

According to provisional figures released by the board here, the collection also exceeded the set target of Rs. 2,016 billion for the period by Rs. 298 billion.

While chasing the target of Rs. 408 billion fixed for the month of November 2021, the net collection was recorded at Rs. 470 billion, exceeding the target by Rs. 62 billion. This represents an increase of 35.2 percent over Rs. 348 billion collected in November 2020.

According to FBR statement, these figures would further improve before the close of the day and after book adjustments have been taken into account.

Meanwhile, the gross collections increased from Rs. 1,783 billion during July-November, 2020 to Rs. 2,437 billion in current Financial Year, showing an increase of 36.7 percent.

The amount of refunds disbursed was Rs. 123 billion during July- November, 2021 compared to Rs. 88 billion paid last year, showing an increase of 40.5 Percent.

It is pertinent to mention that after collecting over Rs. 4.7 trillion and exceeding its assigned revenue targets set for tax year 2020-21, FBR had successfully maintained the momentum set in July, 2021.

Its tax collection posted historic high growth in first quarter of current fiscal year, the statement added.

During the first four months (July-October), FBR had surpassed its revenue target by Rs. 233 Billion.

The spectacular performance in first five months of the current Financial Year clearly showed that FBR was well on its way to achieving the assigned target of Rs. 5,829 billion for the year despite the daunting challenges, compelling constraints posed by the corona pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures.