FBR registers historic growth in tax collection of 36.5% from Jul-Nov of the FY2021-22. It has collected net revenues of Pkr 2,314 Billion during the first five months of the current FY22 against set target of PKR 2,016 Billion, exceeding by PKR 298 Billion, FBR tweeted.
Compared with the revenue collection of Rs1.695tr in 2020, the revenue collection posted 36.46 per cent growth in July-November this fiscal year.
The revenue collection in November rose by 35% to PKR 470bn from last year’s PKR 348 billions. The revenue collection stood at PKR 470 billions in November exceeding the target of PKR 408 billions by a margin of PKR 62 billions during the month under review.
These figures would further improve before the close of the day and after book adjustments have been taken into account. Revenue collection posts 36% growth.
Adviser on Finance and Revenue Shaukat Tarin in a recent press conference said:
“The new FBR revenue target will be PKR 6.1 trillions. This target was revised upwards on the plea to keep the budget deficit at a committed place. I had already held a meeting with the International Monetary Fund in the middle of October in Washington as part of negotiations for the release of the sixth tranche under the US$6 billions Extended Fund Facility. The final report or outcome of the negotiations is expected after the implementation of 5 prior actions committed with the IMF. The government, while preparing the budget for the current year, had assured the IMF of raising PKr 5.829 trillions in FY22 against PKR 4.721 trillions collected in FY21.
The gross collections includes:
Refunds and rebates payments increased from PKR1.783 trillions during July-November 2020 to PKR 2.437trillions in the current financial year, showing an increase of 36.67%. The amount of refunds disbursed was PKR123 billions during July-November 2021 compared to PKR88 billions paid last year, reflecting an increase of 39.77%. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
FBR’s Custom Collection now and previously:
With the rising import bill coupled with an increase in imports of smuggling-prone items on legal channels, Customs collection stood at PKR383 billions during the first 5 months this year as against PKr 264 billions last year, indicating a hefty growth of 45%. The target projected under Customs was PKR 325 billions for the period under review, which was surpassed by PKR 58billions. In November, Customs collection stood at PKR92 billions against PKR58 billions over the last year, reflecting an increase of 58.6%.
While FBR’s Income Tax Collection:
The Income Tax (IT) collection during the first five months stood at Rs761bn as against the target of PKR705 billion, showing an increase of PKR56 billions. Its collection showed growth of 30.75% when compared with PKR582billions collected during the same period last year. In November, IT collection also surpassed last year collection of PKR138 billions by PKR29 billions to PKR109 billions. However, it fell behind by PKR1 billions when compared with a target of PKR139 billions in November.
