FBR Exceeds 8-Month Tax Collection Target By Rs. 268 Billion

The Federal Board of Revenue has exceeded its eight-month tax collection target by Rs. 268 billion to Rs 3,799 billion. The country’s premier tax collection organization has released the provisional revenue collection figures for the months July 2021 to February 2022 of the Financial Year 2021-22. According to the data, FBR has collected net revenue of Rs. 3,799 billion from July 2021 to February 2022, which indicates the target exceeded by Rs. 268 billion. This represents a growth of about 30.3 percent over the collection of Rs. 2,916 billion during the same period last year. The Federal Board of Revenue (FBR) has exceeded the revenue collection target of Rs. 441 billion set for February 2022 by Rs. 2 billion and has collected Rs. 443 billion. It is worth sharing that Inland Revenue collection increased by 29.0 percent from July 2021 to February 2022 as FBR collected Rs. 3,177 billion against Rs. 2,463 billion collected in the same period last year. Likewise, Pakistan Customs has successfully maintained its growth trajectory by collecting Rs. 622 billion as compared to Rs. 454 billion collected during the same period last year. The net collection for the month of February 2022 realized Rs. 443 billion, representing an increase of 28.3 percent over Rs. 345 billion collected in February 2021. These figures would further improve before the close of the day and after book adjustments have been taken into account. On the other hand, the gross collections increased from Rs. 3,074 billion in July-February 2020-21 to Rs. 3,996 billion in the current Financial Year, showing an increase of 30 percent. Likewise, the number of refunds disbursed was Rs. 197 billion from July 2021 to January 2022 as compared to Rs. 157 billion paid last year, showing an increase of 25.4 percent. It is pertinent to mention that FBR has made a number of innovative interventions both at the policy and operational levels to maximize revenue potential through digitization, transparency, and taxpayers’ facilitation.