FBR surpasses 7 months revenue collection target by Rs 262 bln

ISLAMABAD, Jan 31 (APP):The Fedral Board of Revenue (FBR) has maintained momentum of its growth trajectory in revenue collection, surpassing the seven months (July 2021 to January 2022) target by Rs 262 billion.

According to the provisional revenue collection figures released by the FBR, it collected net revenue of Rs 3,352 billion during the first seven months of the current financial year, which exceeded the target of Rs 3,090 billion by Rs 262 billion.

“This represents a growth of about 30.4% over the collection of Rs. 2,571 billion during the same period last year,” an FBR news release said earlier in the day on Monday.

The net collection for the month of January 2022 was Rs 430 billion representing an increase of 17.2 percent over Rs 367 billion collected in January last year. The figures would further improve before the close of the day and after book adjustments were taken in to account.

On the other hand, the gross collections increased from Rs 2,705 billion during July 2021 to January 2022 to Rs 3,533 billion, showing an increase of 30.6%. Likewise, the amount of refunds disbursed was Rs 182 billion during the same period as compared to Rs 134 billion paid last year, showing an increase of 35.9%.

The FBR said that it had introduced a number of innovative interventions both at policy and operational levels with a view to maximize revenue potential through digitization, transparency, and taxpayers’ facilitation.
“This has not only resulted in ensuring the ease of doing business but also translated in a healthy and steady growth in revenue collection.”

Likewise, the FBR said, its incumbent top leadership had launched a new culture of clean taxation with a clear focus on collecting only the fair tax and not holding up refunds which were due to be paid.

“This has not only fast-tracked the process of bridging the trust deficit between the 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, the FBR continues to surpass its assigned revenue targets despite challenges and price stabilization measures adopted by the government.”