ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs4.732 trillion during fiscal year 2020/2021 surpassing the annual target of Rs4.69 trillion by Rs41 billion.
This represents a growth of about 18 per cent over the collection of Rs. 3,997 billion during the same period last year.
The net collection for the month of June was Rs. 568 billion representing an increase of 26 per cent over Rs. 451 billion collected in June 2020.
The year-on-year growth of 18 per cent is unprecedented particularly as it is realized on the heel of 26 per cent growth in June.
These figures would further improve before the close of the day and after book adjustments have been taken into account.
On the other hand, the gross collections increased from Rs. 4,132 billion during this period last year to Rs. 4,983 billion, showing an increase of 21 per cent.
The amount of refunds disbursed was Rs. 251 billion compared to Rs. 135 billion paid last year, showing an increase of 86 per cent. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
The improved revenue performance is even more significant due to adoption of ‘no-undue’ advances policy as well as effective enforcement by field formations. It is also a reflection of growing economic activities in the country despite facing the challenge of third wave of COVID-19.
