FBR’s collection up by 30.5% to Rs440 billion in Oct 2021

FBR’s collection up by 30.5% to Rs440 billion in Oct 2021

The Federal Board of Revenue (FBR) has reported a significant achievement in revenue collection for the month of October 2021, surpassing the figures from the same period last year.

According to official data released by the FBR on Sunday, the revenue collection for October 2021 stood at Rs. 440 billion, reflecting a substantial increase of 30.5% compared to Rs. 337 billion collected in October 2020.

This notable surge in revenue is attributed to effective tax policies, improved tax administration, and a boost in economic activities contributing to higher tax receipts. The FBR highlighted that the figures could see further enhancement after the inclusion of post-adjustment book entries.

The provisional revenue collection figures for the first four months of the current Financial Year 2021-2022 were also disclosed by the FBR. The net revenue collected during July-October 2021-22 amounted to Rs. 1,841 billion, surpassing the target of Rs. 1,608 billion by an impressive Rs. 233 billion. This remarkable achievement signifies a robust growth of approximately 36.6% compared to the Rs. 1,347 billion collected during the corresponding period last year.

Furthermore, the gross collections exhibited a substantial increase from Rs. 1,413 billion in July-October 2020 to Rs. 1,932 billion in the current financial year, reflecting a notable growth of 36.7%. Despite the challenges posed by the economic landscape, the FBR’s effective strategies and streamlined processes have contributed to this remarkable performance.

In terms of refunds, the FBR disbursed Rs. 91 billion during July-October 2021, marking a substantial increase of 37.7% compared to the Rs. 66 billion paid out during the same period last year. This indicates the FBR’s commitment to ensuring timely refunds to taxpayers, contributing to a more equitable and efficient tax system.

The FBR’s success in surpassing revenue targets demonstrates its commitment to fiscal discipline and efficient tax administration. The positive growth trajectory in revenue collection is indicative of a thriving economic environment, with increased business activities and compliance from taxpayers.

As the FBR continues its efforts to streamline tax processes, enforce tax compliance, and foster economic growth, the positive revenue trends are expected to contribute significantly to the country’s financial stability and development. The achievement also underscores the importance of effective tax policies in supporting government initiatives and ensuring fiscal sustainability.