ISLAMABAD: The Federal Board of Revenue (FBR) has collected remarkable revenues of Rs.2570 billion during the first seven months of the current fiscal year.
According to a statement issued by FBR today, the surpasses tax collection target represents a growth of about 6.4 percent during July-January (2020-21) over the collection of Rs 2416 billion during the same period last year.
On the other hand, the gross collections increased from Rs 2464 billion to Rs 2699 billion, showing an increase of nearly 10%. The net collection for the month of January was Rs 364 billion against a target of Rs 340 billion, representing an increase of 12.3% over last January and 107% of the target, said the statement.
The number of refunds was Rs 129 billion compared to Rs 69 billion paid last year, showing an increase of 87%. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity issues of the industry.
The improved revenue performance is a reflection of growing economic activities in the country despite facing the challenge of the second wave of COVID-19, said FBR in a statement.
Going forward, it is expected that this revenue performance would be further strengthened as the economic recovery gains more momentum.
FBR is expending serious efforts to broaden the tax base in the country. Early signs suggest such efforts are bearing fruits. As of 30-1-2021, income tax returns filed numbered 2.52 million compared to 2.31 million last year, showing an increase of 9%.
The tax deposited with returns was Rs 48.3 billion compared to only Rs 29.6 billion, showing an increase of 63%. Moreover, FBR has issued notices to nearly 1.4 million taxpayers, who were supposed to file returns, or filed nil returns, or mis-declared their assets to comply with their legal obligations.
