Return filers increase 72pc, refunds by 100 pc

ISLAMABAD: The tax returns received by the Federal Board of Revenue (FBR) witnessed as substantial growth of 72 percent by reaching to 608,587 during four months of the current fiscal year till November 1st, against the same period of last year.

The categorically dispelled the impression created by some reports appearing in sections of the press that the number of the returns received for the tax year 2017 has declined as compared to returns received for tax year 2016.

“The impression that only 352,022 returns were received upto November 1, 2016 is misleading as the board has received 608,587 returns till the date,” FBR spokesperson said.

Meanwhile, the board had issued to the tune of Rs. 42 billion as against Rs. 21 billion issued during the same period of last year, showing increase of 100pc, FBR sources said.

In addition to issuance of these refunds, another amount of approximately Rs. 13 billion had been issued as sales tax refund to refund claimants through direct credit to their bank accounts, they added.

The gross revenue collection has increased to Rs. 1074 billion during the first four months of the current fiscal year, showing an increase of 20.4 per cent over the corresponding period of last year.

“The Federal Board of Revenue has continued to display satisfactory performance in the fourth consecutive month of the current financial year and achieved

provisional gross revenue collection of over Rs. 1074 billion,” said FBR statement issued here Wednesday.

Meanwhile, the provisional net revenue collection was recorded as Rs. 1033 billion for the first four months of the fiscal year with an increase of around 18.5pc over the net revenue collected during the same period of last fiscal year.

The target for the year has been fixed with an annual increase of 19.2pc over the previous year, the statement added.

The provisional collection for the month of October 2017 was Rs. 267 billion, which shows an increase of more than 12pc over the collection of Rs. 237 during October 2016.

The revenue collection trend during the first four months of the financial year augurs well for the efforts of FBR towards achievement of the assigned annual revenue targets.