FBR posts 30% revenue collection growth in 8MFY22

FBR posts 30% revenue collection growth in 8MFY22

ISLAMABAD: The Federal Board of Revenue (FBR) has registered 30.3 per cent growth in revenue collection for the period July – February 2021/2022 (8MFY22), a statement said on Tuesday.

According to the provisional figures, FBR has collected net revenue of Rs 3,799 billion during the period under review, which has exceeded the target of Rs268 billion.

READ MORE: FBR collects Rs2.92 trillion in first half of FY22

“This represents a growth of about 30.3 per cent over the collection of Rs2,916 billion during the same period, last year,” according to the statement.

It is worth sharing that Inland Revenue collection increased by 29.0 per cent during July, 2021 to February, 2022 by collecting Rs. 3,177 Billion against Rs. 2,463 Billion collected in the same period, last year. Likewise, Pakistan Customs has successfully maintained its growth trajectory by collecting Rs. 622 Billion as against Rs. 454 Billion collected during the same period, last year.

READ MORE: Share of sales tax collection increases to 43.7% in 1HFY22

Building further on its ongoing momentum for revenue collection, Federal Board of Revenue (FBR) has not only achieved its assigned target of Rs.441 Billion fixed for February,2022 but also exceeded the same by Rs.2 Billion as it has collected Rs.443 Billion.

The country’s premier tax collection organisation has released the provisional revenue collection figures for the months July, 2021 to February, 2022 of current Financial Year 2021-2022.

The net collection for the month of February, 2022 realized Rs 443 billion representing an increase of 28.3  per cent over Rs 345 billion collected in February, 2021. These figures would further improve before the close of the day and after book adjustments have been taken in to account.

READ MORE: FBR extends sales tax return filing up to February 25

On the other hand, the gross collections increased from Rs3,074 billion during July, 2020 to February, 2021 to Rs 3,996 billion in current Financial Year July, 2021 to February, 2022, showing an increase of 30 per cent. Likewise, the amount of refunds disbursed was Rs 197 billion during July, 2021 to January, 2022 compared to Rs 157 billion paid last year, showing an increase of 25.4 per cent.

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.

READ MORE: FBR announces promotion of BS-16 Customs officers

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.

READ MORE: FBR makes rules for sealing retail outlets

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, 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.

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