ISLAMABAD: Federal Board of Revenue (FBR) has surpassed the revenue collection target for the quarter (July – September) of the current fiscal year by Rs186 billion.
According to provisional figures released by the FBR on Thursday, it collected net revenue of Rs. 1.395 trillion during the first quarter of the current fiscal year against the target of Rs. 1.211 trillion, exceeding by Rs186 billion.
The FBR posted a growth of around 39 per cent in net collection for the quarter as the revenue body collected Rs1.004 trillion in the same quarter of the last fiscal year.
The net collection for the month of September, 2021 realized Rs535 billion representing an increase of 31.2 per cent over Rs. 408 billion collected in September 2020. These figures would further improve before the close of the day and after book adjustments have been taken in to account.
On the other hand, the gross collections increased from Rs. 1.059 trillion during July-September, 2020 to Rs1.454 trillion in the corresponding quarter of the current fiscal year, showing an increase of 37.3 per cent.
The amount of refunds disbursed was Rs59 billion during July-September, 2021 compared to Rs49 billion paid in the same quarter of the last year, reflecting an increase of 20.2 per cent.
This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry, according to a statement issued by the FBR.
It is pertinent to mention that after collecting over 4.7 trillion and exceeding its assigned revenue targets set for tax year 2020-2021, the FBR has successfully maintained the momentum set in July, 2021. Its tax collection posted historic high growth in first quarter of current fiscal year.
During first quarter, FBR has far surpassed its revenue target by Rs186 billion. This spectacular performance at the outset of the year shows that FBR is well on its way to achieving the assigned target of Rs. 5.829 trillion for the year despite the daunting challenges, compelling constraints posed by the corona pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures.
