ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs5.35 trillion during first 11 months of the current fiscal year 2021/2022.
The latest collection is about 28.4 per cent higher over the collection of Rs4.16 trillion during the same period last fiscal year, the FBR said on Tuesday.
The net collection for the month of May, 2022 realized Rs 490 billion represents an increase of 26.8 per cent over Rs 387 billion collected in May, 2021.
On the other hand, the gross collection of the FBR increased to Rs5.64 trillion during first eleven months of the current fiscal year as compared with Rs4.39 trillion in the corresponding months of the last fiscal year.
The FBR released an amount of Rs30.4 billion as refunds in the month of May 2022 as compared with Rs21.1 billion refunds released in the same month of the last year, showing a growth of 44.3 per cent.
Similarly, refunds worth Rs 295.5 billion disbursed during first eleven months of the current fiscal year as compared with Rs224.2 billion in the same period of the last fiscal year, showing an increase of 32 per cent.
Needless to add that the ongoing unprecedented and constant growth trajectory in revenue collection has been achieved despite massive tax relief given by the government on various essential items to common man.
For the first time ever in the country’s history, Sales Tax on all POL products has been reduced to zero which cost FBR Rs. 45 billion in May, 2022. It is also worth sharing that FBR has introduced a number of innovative interventions both at policy and operational level with a view to maximize revenue potential through digitization, transparency, and taxpayers’ facilitation.
This has not only resulted in ensuring transparency, taxpayers’ facilitation, and the ease of doing business but also translated in a healthy and steady growth in revenue collection.
Likewise, the incumbent top leadership of FBR has launched a new culture of clean taxation with a clear focus on collecting only the fair tax and not holding up refunds which are due to be paid.
This has not only fast-tracked the process of bridging the trust-deficit between FBR and Taxpayers but also ensured the much-needed cash liquidity for business community. That’s precisely why FBR continues to surpass its assigned revenue targets despite challenges and price stabilization measures adopted by the government.