ISLAMABAD: The Federal Board of Revenue (FBR) is confident of meeting the monthly revenue collection target of Rs439 billion set for March 2021, as the tax machinery has so far collected Rs290 billion during the first 24 days of the current month.

Sources told Business Recorder here on Wednesday that the revenue collection would increase in the last few days of the current month.

It is expected to meet the assigned target of Rs439 billion by the end of the current month.

After reconciliation of data and book adjustments, the net revenue collection of the FBR stood at Rs2,920 billion during Jul-Feb (2020-21) against the target of Rs2,898 billion, reflecting an increase of Rs22 billion, officials said.

According to the provisional information, the FBR has collected net revenue of Rs2,920 billion during Jul-Feb period, which has exceeded the target of Rs2,898 billion.

This represents a growth of over six percent over the collection of Rs2,750 billion during the same period last year.

The net collection for the month of February was Rs347 billion against a required target of Rs325 billion. The amount of refunds disbursed was Rs152 billion compared to Rs79 billion paid last year, showing an increase of 97 percent.

This is reflective of the FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.

Copyright Business Recorder, 2021