FBR fears coronavirus spread to affect revenue collection in last two months

FBR fears coronavirus spread to affect revenue collection in last two months

ISLAMABAD: Federal Board of Revenue (FBR) has feared that fast spread of coronavirus in the third wave may affect the efforts of revenue collection during the last two months.

The FBR in a statement on Saturday said that the revenue collection during the last days of April was slowed down because of measures taken by the government to stop spread of coronavirus.

The FBR feared that spread of coronavirus may affect the revenue collection efforts in the last two months of the current fiscal year.

The FBR issued revenue collection figures that showed it achieved a 14 percent growth in net revenue collection for the period July – April 2020/2021.

However, the revenue body is still facing challenging task to generate over Rs900 billion to achieve revised downward annual target of Rs4,690 billion.

The FBR has been assigned Rs4.96 trillion revenue collection target for the fiscal year 2020/2021. However, after consultations the International Monetary Fund (IMF) had revised downward the revenue collection target to Rs4.691 trillion for the ongoing fiscal year.

As per the provisional collection, the FBR collected Rs3,780 billion during July – April 2020/2021 as compared with Rs3,320 billion in the same period of the last fiscal year, showing a increase of 14 percent.

However, the collection was higher than Rs3,637 billion – the assign collection target for the period under review.

The FBR said that it had collected record revenue in April 2021. The FBR collected Rs384 billion in April 2021, which was 57 percent higher when compared with Rs240 billion in the same month of the last year.

The gross revenue collection of the FBR was Rs3,976 billion during first 10 months of the current fiscal year as compared with Rs3,438 billion in the corresponding months of the last fiscal year.

The issuance of refunds grew by 65 percent during first 10 months of the current fiscal year. The FBR issued refunds worth Rs195 billion during July – April 2020/2021 as compared with Rs118 billion in the same period of the last fiscal year.

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