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ISLAMABAD: The Federal Board of Revenue (FBR) has recovered income tax arrears of Rs8.98 billion during November 2022 against Rs6.65 billion in November 2021, reflecting an increase of Rs2.33 billion.

According to the FBR data for 2022-23, the FBR collected Rs.24.17 billion under the head of income tax arrears during the first five months (July-November) of 2022-23 against Rs.11.69 billion collected corresponding period of 2021-22, showing an increase of Rs 12.48 billion. During the last month Rs.8.98 billion was collected against Rs.6.65 billion collected last year.

Deemed income on capital assets: Taxpayers required to file new form separately

Significant efforts were made during 2021-22 to enhance the collection from demands (CoD). During the fiscal year 2021-22, overall collection from CoD stood at Rs.101.1 billion against Rs. 80.1 billion collected in the previous fiscal year, showing a growth of 26.1 percent. The recovery from arrear demand has shown substantial growth of around 54 percent in 2021-22, whereas current demand increased by 15 percent during 2021-22.

Copyright Business Recorder, 2022

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