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ISLAMABAD: The Federal Board of Revenue (FBR) has exceeded both targets of Rs2,680 billion set for July-November (2022-23) and the monthly target of Rs537 billion for November 2022.

So far, the FBR has received 2.8 million income tax returns for Tax Year 2022 as compared to 3.6 million received last year.

The FBR continues to demonstrate excellent performance in revenue collection for the fifth consecutive month of the current financial year and has exceeded both the five months target of Rs 2,680 billion as well as monthly target of Rs537 billion despite import compression and zero rating on POL products.

As per provisional figures, Rs 2,688 billion has been collected against Rs 2,330 billion collected during the corresponding period of the previous year, by recording an increase of over 15.3%. FBR has also issued refunds to the tune of Rs 135 billion as against Rs 124 billion issued last year.

Provisional gross revenue collection is recorded as Rs. 2,823 billion for the first five months as against Rs 2,454 billion collected during the corresponding period of the previous fiscal year. Collection of direct tax registered maximum growth of 43%.

The provisional net collection for the month of November, 2022 is Rs 538.2 billion which shows an increase of more than 11.5% over the collection of Rs 480 billion for November 2021.

FBR also recognizes the endeavours of all field formations and officers for their untiring efforts and commitment to optimize revenue collection in difficult times where sales tax collection on imports is showing negative growth. Achievement of targets was made possible due to extraordinary steps taken in the areas of recoveries, monitoring and day to day vigilance.

Only in the area of Income Tax arrears, FBR collected Rs.24.17 billion during the five-month period as against Rs.11.69 billion collected last year. During the month Rs.8.98 billion was collected against Rs.6.65 billion collected last year.

The revenue collection trends during the first five months of the financial year augur well towards the achievement of the assigned revenue targets for current financial year. This unprecedented growth in tax revenues underscores the resolve of the Government and FBR to make Pakistan a prosperous nation.

Copyright Business Recorder, 2022

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