ISLAMABAD: Federal Board of Revenue (FBR) needs to collect Rs2,047 billion in last four months of the current fiscal year to achieve the revenue annual collection target of Rs4,963 billion, according to estimates of PkRevenue.com made after eight months collection issued on Sunday.
The FBR will need to grow the revenue at 64 percent during the last four months as it collected Rs1247 billion in the last four months of the fiscal year 2019/2020.
The FBR was assigned the annual collection target of Rs4,963 billion for fiscal year 2020/2021 as compared with total collection of Rs3,997 billion in the last fiscal year, which was 24.2 percent higher.
A spokesman of the FBR in a tweet said that the FBR provisionally collected Rs2,916 billion during first eight months (July – February) of 2020/2021 as against the collection of Rs2,750 billion in the corresponding months of the last fiscal year, showing a growth of 6 percent.
However, the collection for the period of first eight months of the current fiscal year is higher than the target of Rs2,898 billion assigned for the period, the spokesman said.
The revenue collection for the month of February also crossed the target of Rs325 billon to reach at Rs343 billion. However, the monthly collection is five percent higher when compared with Rs326 billion collected in the same month of the last year.
The gross collection of the FBR posted 9 percent growth to Rs3,068 billion during the first eight months of the current fiscal year as compared with Rs2,823 billion in the corresponding months of the last fiscal year.
The FBR said that considering the liquidity problems of the trade and industry due to coronavirus pandemic the issuance of refunds registered 97 percent increase. The FBR issued Rs152 billion as refunds during the first eight months of the current fiscal year as compared with Rs79 billion issued in the same period of the last fiscal year.