Revenue collection grows by 24pc in November to Rs270bln


ISLAMABAD, Nov 30 (APP):Federal Board of Revenue (FBR) has continued to display satisfactory performance during the fifth consecutive month of the current financial year and achieved provisional net revenue collection of over Rs270 billion for the month of November 2017.
This shows an increase of around 24% over the revenue collected during the corresponding month of last fiscal year.
Refunds during this month have also been issued to the tune of Rs 13 billion, according to FBR statement issued here Thursday.
Meanwhile, provisional net revenue collection was recorded as Rs. 1302 billion for the first five months of the fiscal year, showing an increase of around 19.55% over the collection Rs1089 billion recorded during the corresponding period of last year.
The target for the year has been fixed with an annual increase of 19.2% over the previous year, the statement added.
FBR has also registered substantial growth in the number of returns received for the tax year 2017 upto November 30, 2017 as compared to returns received for the same period of tax year 2016.
Only 746,022 returns were received upto November 30, 2016, whereas till 8 p.m on November 30, 2017 a total of 991,187 returns were received and the number was still expected to increase.
This shows a substantial increase of around 33% in the number of returns received during the same period of previous
fiscal year, the statement added.