FBR Exceeds Tax Collection Target in First Half of FY22 with 32.5% Growth

The Federal Board of Revenue (FBR) collected net revenue of Rs. 2,920 billion during July-December of the current financial year 2021-22, exceeding the target of Rs. 2,633 billion by Rs. 287 billion. According to the FBR provisional revenue collection figures for the first half of the current financial year, the revenue collection represents a growth of about 32.5 percent over the collection of Rs. 2,204 billion during the same period last year. The net collection for the month of December 2021 realized Rs. 600 billion, representing an increase of 18.0 percent over Rs. 509 billion collected in December 2020. These figures are likely to 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. 2,315 billion during July-December 2020 to Rs. 3,068 billion in the current financial year during July-December, 2021, showing an increase of 32.5 percent. Likewise, the number of refunds disbursed was Rs. 148 billion during July-December 2021 compared to Rs. 111 billion paid last year, showing an increase of 33.0 percent.