Revenue collection increase 16pc in 10 months, 17pc in April

ISLAMABAD: The revenue collection during the first ten months of the current fiscal year (2017-18) witnessed an increase of 16 percent compared to the same period of the last year.

The Federal Board of Revenue (FBR) recorded a provisional net revenue collection of over Rs 2922 billion during July-April (2017-18), excluding collection on account of book adjustments, as against Rs 2513 billion collected during July-April (2016-17), said FBR statement issued here Monday.

The increase in collection has been witnessed despite Rs 68 billion tax refunds issued during 2018 as compared to Rs 53 billion refunds issued of the corresponding period of previous fiscal year, showing an increase of 28% in tax refunds.

Meanwhile, during the month of April, the board collected Rs 295 billion taxes, excluding collection on account of book adjustments, as against Rs 252 billion collected during the corresponding month of the previous fiscal year.

The collection witnessed 17% increase over the revenue collected during April, 2017, the statement pointed out.

The figures of collection received in the treasuries of the remote areas may further swell the revenue figures.

The revenue collection trend during the first ten months of the financial year augurs well for the efforts of FBR towards achievement of the assigned revised annual revenue targets, it added.