The Large Taxpayers Office (LTO) in Karachi, the flagship revenue collection arm of the Federal Board of Revenue (FBR), has achieved an extraordinary 41% growth in revenue collection during the first 10 months of the current fiscal year (July – April).
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March collection up over 20% amid political unrest: FBR
ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday said that the revenue collection in March 2022 registered a growth of over 20 per cent despite political uncertainties and import compression.
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LTO Karachi surpasses Rs1 trillion mark in 8MFY22
The Large Taxpayers Office (LTO) Karachi, the leading revenue collection arm of the Federal Board of Revenue (FBR), has achieved a monumental milestone by surpassing the ambitious tax collection target of Rs1 trillion in just eight months of the current fiscal year 2021/2022 (8MFY22).
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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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Share of sales tax collection increases to 43.7% in 1HFY22
ISLAMABAD: The share of sales tax has increased to 43.7 per cent in total federal tax collection during first half (July – December) of current fiscal year (1HFY22) as compared with 41.6 per cent in the same half of the last fiscal year.
According to biannual report issued by the Federal Board of Revenue (FBR) for the period July – December 2021/2022, showed that the share of direct taxes, which includes income tax, fell to 35 per cent during the half year under review as compared with 37.5 per cent in the same half of the last fiscal year.
READ MORE: FBR extends sales tax return filing up to February 25
The share of customs duty collection improved to 16.3 per cent during the first half of the current fiscal year as compared with 15.2 per cent in same half of the last fiscal year.
Meanwhile, the contribution of federal excised duty collection declined to 5 per cent during July – December 2021/2022 as compared with 5.8 per cent in the same period of the last fiscal year.
The total tax collection of the FBR during first half of the current fiscal year recorded 32.5 per cent growth to Rs2.92 trillion as compared with Rs2.2 trillion in the same half of the last fiscal year.
READ MORE: FBR announces promotion of BS-16 Customs officers
The collection of sales tax recorded an increase of 39.1 per cent to Rs1.275 trillion during the half year under review as compared with Rs917 billion in the corresponding half of the last year.
The direct tax collection posted 23.6 per cent growth to Rs1.02 trillion during the first half of the current fiscal year as compared with Rs826 billion in the same half of the last fiscal year.
The collection of customs duty posted 43 per cent growth to Rs477 billion during the half year under review as compared with Rs334 billion in the same half of the last fiscal year.
READ MORE: FBR makes rules for sealing retail outlets
Likewise, the federal excise duty collection posted 15.3 per cent growth to Rs146.3 billion during July – December 2021/2022 as compared with Rs127 billion in the corresponding period of the last fiscal year.
The FBR issued refunds and rebates to the tune of Rs148.53 billion during the first half of the current fiscal year as compared with Rs111.3 billion in the same half of the last fiscal year.
The issuance of sales tax refunds grew by 26 per cent to Rs123.5 billion during the period under review as compared with Rs98 billion in the same period of the last fiscal year.
READ MORE: LTO Karachi facilitates Tier-1 retailers in POS integration
However, the issuance of income tax refunds fell drastically by 29 per cent to Rs5.14 billion during the first half of the current fiscal year as compared with Rs7.28 billion in the same half of the last fiscal year.
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IR offices to work on Saturdays for revenue target
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday said that all the offices of Inland Revenue (IR) will work on Saturdays to meet the revenue collection target.
The FBR in an official memo said that in order to enhance the efforts to meet the revenue target for the current financial year 2021/2022, all field formations will remain open and observe normal working hours on Saturdays with effect from February 12, 2022 till further orders.
READ MORE: FBR eyes Rs6 trillion collection in current fiscal year
The FBR directed the Chief Commissioners IR to ensure that COVID-19 preventive SOPs are strictly followed.
So far the FBR has successfully maintained momentum of its growth trajectory in revenue collection.
According to the provisional figures FBR collected net revenue of Rs 3,352 billion during July, 2021 to January, 2022 of current Financial Year 2021-22, which has exceeded the target of Rs 3,090 billion by Rs 262 billion. This represents a growth of about 30.4 per cent over the collection of Rs. 2,571 billion during the same period, last year.
READ MORE: DG Customs Valuation powers strengthened
The net collection for the month of January, 2022 realized Rs. 430 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: Tax imposed to protect domestic entertainment industry
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 slaps sales tax at 17% on supply of food stuff
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FBR eyes Rs6 trillion collection in current fiscal year
ISLAMABAD: Dr. Ashfaq Ahmed, Chairman, Federal Board of Revenue (FBR) on Wednesday hoped that the revenue collection for the current fiscal year will increase to Rs6 trillion – surpassing the target of Rs5.83 trillion.
“Our revenue target is Rs 5.830 trillion which is expected to increase till Rs6 trillion by June 2022. We have collected Rs 300 billion more revenue than our target till December 31,” Dr. Ashfaq said.
READ MORE: DG Customs Valuation powers strengthened
He expressed his hope that this year, the FBR would achieve all its revenue targets and would further play its role in the country’s economy.
The FBR chief hinted for achieving revenue target of Rs 8 trillion by 2023 as it would set the country’s economy in a new direction.
He said that Prime Minister Imran Khan has his own vision for revenue collection and economic development in the country, in which, achieving revenue target of up to Rs 8 trillion is one of top priorities.
READ MORE: Tax imposed to protect domestic entertainment industry
Chairman expressed these views while talking to the journalists here.
Replying to a question, he said that Pakistan Customs was the protector of economic borders of the country and that they have always been playing its role for trade promotion.
He said that Pakistan Customs was playing its best role in enforcing trade laws at Chaman and Torkham borders.
He said that transparent trade brought prosperity and development in the country.
READ MORE: FBR slaps sales tax at 17% on supply of food stuff
He vowed that, “we would digitalize every FBR’s agency”.
He said that FBR currently has the largest data portal which is in a dire need of digitization.
This data can be very important in the trade and economic development of the country.
He said that at present, the role of FBR was very important in all three trade corridors including Chaman and Torkham, which would be strengthened with China Pakistan Economic Corridor (CPEC).
READ MORE; FBR enhances tax rates on motor vehicle registration
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FBR collects Rs2.92 trillion in first half of FY22
The Federal Board of Revenue (FBR) has achieved a significant milestone by provisionally collecting Rs2.92 trillion during the first half (July – December) of the fiscal year 2021/2022 (FY22), surpassing the half-year target of Rs2.63 trillion by an impressive Rs287 billion.
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FBR collects over Rs2.31 trillion in five months
ISLAMABAD: The Federal Board of Revenue (FBR) – Pakistan’s apex revenue collecting agency – has collected over Rs2.31 trillion during the first five months (July – November) of the fiscal year 2021/2022.
According to provisional statistics released by the FBR on Tuesday, the net revenue collection is at Rs2.314 trillion during the first five months, which is Rs298 billion higher than the target of Rs2.016 trillion for the period.
This represents a growth of about 36.5 per cent over the collection of Rs. 1.695 trillion during the same period last year.
While chasing the target of Rs 408 billion fixed for the month of November 2021, the net collection for the month realized Rs. 470 billion, which is Rs 62 billion in excess of the assigned monthly target, representing an increase of 35.2 per cent over Rs 348 billion collected in November 2020.
These figures would further improve before the close of the day and after book adjustments have been taken into account, the FBR said.
On the other hand, the gross collections increased from Rs. 1,783 billion during July-November, 2020 to Rs. 2,437 billion in current Financial Year, showing an increase of 36.7 per cent.
The amount of refunds disbursed was Rs 123 billion during July- November 2021 compared to Rs. 88 billion paid last year, showing an increase of 40.5 per cent.
It is pertinent to mention that after collecting over Rs. 4.7 trillion and exceeding its assigned revenue targets set for tax year 2020-21, FBR has successfully maintained the momentum set in July, 2021.
Its tax collection posted historic high growth in the first quarter of the current fiscal year. During the first four months (July-October), FBR has far surpassed its revenue target by Rs 233 billion.
This spectacular performance in the first five months of the current financial year clearly 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.
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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.
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