ISLAMABAD: The revenue collection by the Federal Board of Revenue (FBR) increased by 38.3 percent during the first quarter of fiscal year 2021-22, according to provisional figures released by the board here on Thursday.
The board collected net revenue of Rs1, 395 billion during the first quarter against the set target of Rs1, 211 billion, exceeding by Rs 186 billion.
The net collection for the month of September 2021 was recorded at Rs 535 billion, representing an increase of 31.2 % over Rs408 billion collected in September 2020.
These figures would further improve before the close of the day and after book adjustments have been taken in to account, said FBR in a statement.
On the other hand, the gross collections increased from Rs1, 059 billion during July-September, 2020 to Rs1, 454 billion in current Financial Year, showing an increase of 37.3%.
The amount of refunds disbursed was Rs59 billion during July-September, 2021 compared to Rs49 billion paid last year, reflecting an increase of 20.2 %. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
It is pertinent to mention that after collecting over Rs4.7 Trillion and exceeding its assigned revenue targets set for tax year 2020-21, FBR has successfully maintained the momentum set in July, 2021.
Its tax collection posted historic high growth in first quarter of current fiscal year during which the board has so far surpassed its revenue target by Rs186 billion, the statement added.
This spectacular performance at the outset of the year shows that FBR was well on its way to achieving the assigned target of Rs5, 829 Billion for the year despite the daunting challenges, compelling constraints posed by the corona pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures.