ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed the assigned monthly revenue collection target of Rs441 billion by collecting Rs443 billion during February 2022, reflecting an increase of Rs2 billion.
According to the provisional information, the FBR has collected net revenue of Rs3,799 billion during July 2021 to February 2022 of current Financial Year 2021-22, which has exceeded the target of Rs3,531 billion, reflecting an increase of Rs268 billion.
This represents a growth of about 30.3 percent over the collection of Rs2,916 billion during the same period, last year.
Building further on its ongoing momentum for revenue collection, the FBR has not only achieved its assigned target of Rs441 billion fixed for February 2022 but also exceeded the same by Rs2 billion as it has collected Rs443 billion. The country’s premier tax collection organisation has released the provisional revenue collection figures for the months July 2021 to February 2022 of the current Financial Year 2021-22.
Inland Revenue collection increased by 29.0 percent during July 2021 to February 2022 by collecting Rs3,177 billion against Rs2,463 billion collected in the same period, last year.
Likewise, Pakistan Customs has successfully maintained its growth trajectory by collecting Rs622 billion as against Rs454 billion collected during the same period, last year.
The net collection for the month of February 2022 realised Rs443 billion representing an increase of 28.3 percent over Rs345 billion collected in February 2021.
These figures would further improve before the close of the day and after book adjustments have been taken into account.
On the other hand, the gross collections increased from Rs3,074 billion during July 2020 to February 2021 to Rs3,996 billion in the current Financial Year July 2021 to February 2022, showing an increase of 30 percent.
Likewise, the amount of refunds disbursed was Rs197 billion during July 2021 to January 2022 compared to Rs157 billion paid last year, showing an increase of 25.4 percent.
The FBR has introduced a number of innovative interventions both at policy and operational level with a view to maximise revenue potential through digitisation, transparency, and taxpayers’ facilitation.
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 the 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.
This has not only fast tracked the process of bridging the trust deficit between the FBR and taxpayers but also ensured the much-needed cash liquidity for the business community. That is precisely why, for the first time ever in the country’s history, the FBR continues to surpass its assigned revenue targets despite challenges and price stabilisation measures adopted by the government.
Copyright Business Recorder, 2022
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