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Tag: revenue collection

  • FBR surpasses quarterly revenue target by Rs186 billion

    FBR surpasses quarterly revenue target by Rs186 billion

    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.

    Revenue crosses Rs4 trillion for first time: FBR chairman
  • Revenue crosses Rs4 trillion for first time: FBR chairman

    Revenue crosses Rs4 trillion for first time: FBR chairman

    In a historic achievement, Pakistan’s Federal Board of Revenue (FBR) has surpassed the psychological target of Rs. 4 trillion in revenue collection for the fiscal year 2021.

    (more…)
  • FBR surpasses revenue collection target for FY21

    FBR surpasses revenue collection target for FY21

    The Federal Board of Revenue (FBR), Pakistan’s premier tax collection agency, has surpassed its revenue collection target for the fiscal year 2020/2021.

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  • Extended banking hours for collection of duty, taxes on June 30

    Extended banking hours for collection of duty, taxes on June 30

    KARACHI: The State Bank of Pakistan (SBP) on Monday said that in order to facilitate the collection of duty and taxes, the banks will observe extended hours on June 30, 2021.

    The government receipts / duties / taxes, it has been decided that the field offices of SBP Banking Services Corporation (SBP‐BSC) and authorized branches of National Bank of Pakistan (NBP) will observe extended banking hours till 8:00 P.M. on June 30, 2021 (Wednesday) for which purpose a special clearing has been arranged at 8:00 P.M. on the same day by the NIFT.

    All banks are, therefore, advised to keep their concerned branches open on June 30, 2021 (Wednesday) till such time that is necessary to facilitate the special clearing for Government transactions by the NIFT.

  • FBR collects Rs108 billion from auto sector during 11 months

    FBR collects Rs108 billion from auto sector during 11 months

    ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs108 billion from auto sector during first eleven months of the current fiscal year, showing 51 percent growth despite coronavirus pandemic, a statement said on Wednesday.

    The FBR issued details of revenue collection from major sectors during July  – May 2020/2021.

    Tax revenue of Rs. 108 billion is collected from the auto sector so far which was Rs72 billion in the last year showing growth of 51 percent.

    Likewise, revenue of Rs 117 billion is collected from the banks in the current year which was Rs. 87 billion last year exhibiting increase of 34 percent.

    FBR has collected Rs127 billion from the cement sector in the first eleven months which was Rs97 billion last year showing increase of 31 percent.

    The revenue collected from the POL is Rs. 577 billion which was Rs. 516 billion last year showing an increase of 12 percent.

    From the tobacco sector, FBR has collected Rs. 129 billion revenue which was Rs. 104 billion last year thus showing an increase of 24 percent.

    The revenue from sugar sector was Rs. 53 billion which was Rs. 31 billion last year showing a growth of 74 percent.

    The Customs duty collections in the current year from the major items include vehicles, Iron Steel and Machinery and mechanical appliances.

    Customs duty of Rs. 98 billion is collected from vehicles which was Rs. 52 billion last year showing an increase of 86 percent.

    Customs duty from Iron and Steel remained Rs. 53 billion which was Rs. 42 billion last year showing a growth of 24 percent.

    Similarly, Customs duty from machinery and mechanical appliances is Rs. 38 billion which was Rs. 30 billion last year in the same period thus showing a growth of 26 percent.

  • SRB posts 52pc growth in May revenue collection

    SRB posts 52pc growth in May revenue collection

    KARACHI: The Sindh Revenue Board (SRB) has posted 52 percent growth in revenue collection during May 2021 as compared with same month of the last year, a statement said on Tuesday.


    The SRB collected Rs10.26 billion during May 2021 as compared with Rs6.734 billion in the corresponding month of the last year.


    The provincial revenue body collected Rs108.66 billion during 11 months (July – May2020/2021) as compared with Rs91.198billion in the corresponding months of the last fiscal year, showing a growth of 19 percent.


    The SRB attributed the significant growth of 52 percent in May 2021 to the continued trust and cooperation of the taxpayers, the support of Sindh government and the relentless efforts of the SRB officials.


    The provincial revenue authority said that it would continue to work hard to maximize the revenue collection during the last month of the current fiscal year, despite all adverse factors such as low economic growth and the resurgence of COVID-19, impacting the services sector.

  • FBR should be given separate tax targets for existing, new taxpayers

    FBR should be given separate tax targets for existing, new taxpayers

    KARACHI: Separate targets should be set for the Federal Board of Revenue (FBR) from existing and new taxpayers, this was recommended Pakistan Business Council (PBC) in its recent letter sent to Khusro Bakhtiar, Federal Minister of Industries and Production.

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  • FBR fears coronavirus spread to affect revenue collection in last two months

    FBR fears coronavirus spread to affect revenue collection in last two months

    ISLAMABAD: Federal Board of Revenue (FBR) has feared that fast spread of coronavirus in the third wave may affect the efforts of revenue collection during the last two months.

    The FBR in a statement on Saturday said that the revenue collection during the last days of April was slowed down because of measures taken by the government to stop spread of coronavirus.

    The FBR feared that spread of coronavirus may affect the revenue collection efforts in the last two months of the current fiscal year.

    The FBR issued revenue collection figures that showed it achieved a 14 percent growth in net revenue collection for the period July – April 2020/2021.

    However, the revenue body is still facing challenging task to generate over Rs900 billion to achieve revised downward annual target of Rs4,690 billion.

    The FBR has been assigned Rs4.96 trillion revenue collection target for the fiscal year 2020/2021. However, after consultations the International Monetary Fund (IMF) had revised downward the revenue collection target to Rs4.691 trillion for the ongoing fiscal year.

    As per the provisional collection, the FBR collected Rs3,780 billion during July – April 2020/2021 as compared with Rs3,320 billion in the same period of the last fiscal year, showing a increase of 14 percent.

    However, the collection was higher than Rs3,637 billion – the assign collection target for the period under review.

    The FBR said that it had collected record revenue in April 2021. The FBR collected Rs384 billion in April 2021, which was 57 percent higher when compared with Rs240 billion in the same month of the last year.

    The gross revenue collection of the FBR was Rs3,976 billion during first 10 months of the current fiscal year as compared with Rs3,438 billion in the corresponding months of the last fiscal year.

    The issuance of refunds grew by 65 percent during first 10 months of the current fiscal year. The FBR issued refunds worth Rs195 billion during July – April 2020/2021 as compared with Rs118 billion in the same period of the last fiscal year.

  • SRB posts 22.7pc growth in March collection

    SRB posts 22.7pc growth in March collection

    KARACHI: Sindh Revenue Board (SRB) has registered 22.7 percent growth in collection of sales tax on services during the month of March 2021 despite adverse effect of coronavirus on businesses.

    According to data released by the provincial revenue authority, the collection was Rs11.46 billion in March 2021 as compared with Rs9.34 billion in the same month of the last year.

    “The growth in revenue is phenomenal when viewed in the context of coronavirus effect on the businesses and the general slowdown of economy,” according to a SRB statement.

    During first three quarters of fiscal year 2020/2021, the SRB collected an amount of Rs88.54 billion as compared with Rs77.9 billion in the first three quarters of 2019/2020, showing a growth of 13.66 percent.

    The SRB attributed the revenue growth of 22.7 percent during March 2021 to the continued trust and cooperation of taxpayers, the continuous support by the Sindh government and the relentless efforts of the SRB officers and the staff.

    The SRB is focusing on assigned revenue collection target of Rs135 billion for the current fiscal year, despite the adverse factors such as low economic growth and the resurge of COVID-19.

  • FBR needs Rs1,306 billion to achieve annual collection target

    FBR needs Rs1,306 billion to achieve annual collection target

    ISLAMABAD: Federal Board of Revenue (FBR) is required Rs1,306 billion during the last quarter (April-June) to achieve revised downward target of Rs4,700 billion set for the current fiscal year.

    According to provisional figures released by the FBR on Wednesday, the net collection was Rs3,394 billion during the first nine months (July – March) 2020/2021 as compared with Rs3,3,076  billion in the corresponding months of the last fiscal year, showing an increase of 10 percent.

    The collection in the first nine months of the current fiscal year has also exceeded by over Rs100 billion against the target of Rs3,287 billion set for the period.

    The original revenue collection target for the current fiscal year was set at Rs4,963 billion. However, sources in the FBR said that the target has been revised downward to Rs4,700 billion.

    Therefore, the FBR is required to collect more Rs1,306 billion in the remaining three months of the current fiscal year to achieve the target.

    According to a statement issued by the FBR, the net collection for the month of March 2021 was Rs.475 billion, against a required increase of Rs.367 billion, representing an increase of 46 percent over Rs.325 billion collected in March 2020 and 129 percent of the target.

    “The year-on-year growth of 46 percent is unprecedented. 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.3,178 billion during this period last year to Rs.3,571 billion this year, showing an increase of 13 percent.

    The amount of refunds disbursed was Rs.177 billion compared to Rs.102 billion paid last year, showing an increase of 74 percent. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.

    The improved revenue performance is a reflection of growing economic activities in the country despite facing the challenge of third wave of COVID-19. During April-June 2021, it is expected that this revenue performance would be improved substantially compared to 2020 when economic activities were disrupted due to COVID.

    Meanwhile, FBR’s efforts to broaden the tax base are expending apace. Early signs suggest such efforts are bearing fruits. As on 28-2-2021, income tax returns for tax year 2020 have reached 2.8 million compared to 2.6 million last year, showing an increase of 8 percent. The tax deposited with returns was Rs.51 billion compared to only Rs.33.0 billion, showing an increase of 54 percent.

    It may be recalled that last year the final date for submission to returns was 28th February. FBR’s decision to adhere to 8th December as the last date has been vindicated as more returns and higher tax payments have been recorded during the tax year 2020 compared to 2019.

    Moreover, a number of 123,680 new Income Tax Returns have been received for Tax Year 2020 resulting into collection of additional tax of Rs. 511 million.

    Sales tax returns for the period from July 2020 to February 2021 have reached 179,584 whereas they were 167,769 in the corresponding months last year, showing an increase of 7.04 percent. The sales tax paid with returns is 624 billion this year which was 536 billion last year, showing an increase of 16.41 percent.

    FBR has also released the information about Tier-I retailers who have been integrated with POS system. According to the information, 10283 sales points have been integrated with Point of Sales Linked Invoicing System.