Tuesday June 18, 2024

FBR collection: Five-month target of Rs2.68tr crossed

By Mehtab Haider
December 01, 2022

ISLAMABAD: The Federal Board of Revenue (FBR) continues to demonstrate a good performance in revenue collection for the fifth consecutive month of the current financial year and has exceeded both the five-month target of Rs2,680 billion as well as monthly target of Rs537 billion despite import compression and zero rating on POL products.

As per provisional figures, Rs2,688 billion have been collected against Rs2,330 billion collected during the corresponding period of the previous year, by recording an increase of over 15.3%. The FBR has issued refunds to the tune of Rs135 billion against Rs124 billion issued last year. The provisional gross revenue collection is recorded as Rs2,823 billion for the first five months against Rs2,454 billion collected during the corresponding period of the previous fiscal year. The collection of direct tax registered maximum growth of 43%.

The provisional net collection for the month of November 2022 is Rs538.2 billion that shows an increase of more than 11.5% over the collection of Rs480 billion for November 2021.

The FBR has recognised the endeavours of all field formations and officers for their untiring efforts and commitment to optimise 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, the FBR collected Rs24.17 billion during the five-month period against Rs11.69 billion collected last year. During the month, Rs8.98 billion were collected against Rs6.65 billion collected last year.

The revenue collection trend during the first five months of the financial year augurs well for the achievement of assigned revenue targets for the current financial year.

This unprecedented growth in tax revenues underscores the resolve of the government and the FBR to make Pakistan a prosperous nation.