The Federal Board of Revenue (FBR) has achieved a significant milestone by provisionally collecting Rs2.92 trillion during the first half (July – December) of the fiscal year 2021/2022 (FY22), surpassing the half-year target of Rs2.63 trillion by an impressive Rs287 billion.
This accomplishment was revealed through data released on Friday.
The robust performance of the FBR is underscored by a remarkable 32.5% increase in revenue collection compared to the same period in the previous fiscal year, where the revenue stood at Rs2.2 trillion. The FBR’s proactive measures and strategies to enhance tax compliance and broaden the tax base have evidently yielded positive results, contributing to the fiscal health of the country.
For the month of December 2021 alone, the net collection reached Rs600 billion, marking an 18% increase over the Rs509 billion collected in December 2020. This upward trajectory in revenue generation reflects the resilience and adaptability of the FBR in navigating economic challenges and meeting fiscal targets.
The FBR’s commitment to improving efficiency and transparency is evident in the notable increase in the disbursement of refunds during the first half of the current fiscal year. Refunds amounting to Rs148 billion were disbursed, compared to Rs111 billion paid out during the same period last year, reflecting a substantial increase of 33.0%. This move is expected to benefit businesses and individuals, contributing to a more balanced and taxpayer-friendly economic environment.
The positive revenue collection trend is seen as a result of various measures taken by the FBR, including the implementation of technology-driven solutions, stronger enforcement mechanisms, and targeted efforts to bring non-compliant entities into the tax net. These initiatives have not only boosted revenue but also fostered a culture of compliance among taxpayers.
While celebrating the success in revenue collection, the FBR remains vigilant and committed to sustaining this positive momentum in the upcoming months. The government’s focus on economic recovery and fiscal stability is further supported by the FBR’s robust performance, providing a solid foundation for continued growth and development.
Industry analysts and experts have praised the FBR’s achievements, emphasizing the importance of sustained efforts to strengthen the tax administration system, curb tax evasion, and promote a conducive environment for economic activities. The positive economic indicators are expected to encourage investor confidence and contribute to the overall economic well-being of the country.
