FBR posts 30% growth to collect Rs3.35 trillion

FBR posts 30% growth to collect Rs3.35 trillion

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs3.35 trillion during the first seven months (July – January) 2021/2022 with a growth of over 30 per cent, a statement said on Monday.

The FBR issued provisional numbers of collection made during first seven months of the current fiscal year. The revenue body collected Rs2.571 trillion in the corresponding months of the last fiscal year.

READ MORE: FBR eyes Rs6 trillion collection in current fiscal year

The seven months collection also surpassed the target of Rs3.09 trillion.

The net collection for the month of January, 2022 realized Rs430 billion representing an increase of 17.2 per cent over Rs 367 billion collected in January, 2021. These figures would further improve before the close of the day and after book adjustments have been taken in to account.

READ MORE: Annual sales tax collection from imports climbs up 27%

On the other hand, the gross collections increased from Rs 2,705 billion during July, 2021 to January, 2022 to Rs 3,533 billion in current Financial Year July, 2021 to January, 2022, showing an increase of 30.6 per cent Likewise, the amount of refunds disbursed was Rs 182 billion during July, 2021 to January, 2022 compared to Rs 134 billion paid last year, showing an increase of 35.9 per cent.

READ MORE: FBR identifies 1,284 retailers for POS integration

It is pertinent to mention 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 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.

READ MORE: FBR may issue special procedure under sales tax law

That’s precisely why, for the first time ever in the country’s history, FBR continues to surpass its assigned revenue targets despite challenges and price stabilization measures adopted by the government.