FBR exceeds July target by huge margin of Rs71b

ISLAMABAD: The Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the month of July, 2021.

According to the information, the FBR has collected net revenue of Rs413 billion during July, 2021, which exceeded the target of Rs342 billion by Rs71 billion.

This represents a growth of about 36% over the collection of Rs303 billion during the same period last year. These figures would further improve before the close of the day and after book adjustments have been taken into account.

These collections are the highest ever in the month of July. This outstanding revenue performance is a reflection of sustained economic revival, spurred by government policies.

On the other hand, the gross collections increased from Rs317 billion during this period last year to Rs419 billion, showing an increase of 32.1%. The amount of refunds disbursed was Rs20 billion compared to Rs15.7 billion paid last year, showing an increase of 26.6%. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry, despite facing the challenge of fourth wave of Covid-19. Income Tax Returns for Tax Year-2020 have reached Rs3.53 million compared to 2.72 million in Tax Year-2019, showing an increase of 30%. The tax deposited with returns was Rs51 billion, compared to only Rs33 billion last year, showing an increase of 54%.

According to the FBR provided information, 11,744 point of sale terminals have been integrated with real time reporting system of FBR. Pakistan Customs collected Rs67 billion under the head of Customs Duty during July, 2021 whereas during the month of July last year, an amount of Rs49 billion was collected, which showed a growth of 37%.

During July 2021, smuggled goods worth Rs3.6 billion were seized.