FBR exceeds Rs 6.1 trillion revenue target,collects Rs 6.125tr net revenue during FY 2021-22

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FBR revenue target

Islamabad: Federal Board of Revenue (FBR) Thursday released provisional revenue collection figures for the Fiscal Year 2021-22. According to the report, the FBR collected net revenue of Rs6.125 trillion during the Fiscal Year 2021-22., which exceeded the upward revised target of Rs6.100 trillion by Rs25 billion. This represents a massive growth of about 29.1% over the collection of Rs. 4,744 billion during the same period last year.

Likewise, the gross revenue collection increased from Rs4.996 trillion last year to Rs6.460 trillion this year, showing an increase of 29.3%.

One of the key features of this outstanding performance by the FBR is reflected in the significant increase in direct taxes, which registered a growth of 32% over the last year.

Furthermore, the net collection from Income Tax during the year is Rs2.278 trillion against Rs1.731 trillion during FY 2020-21.

The report stated that Rs2.525 trillion is collected in sales tax against Rs1.983 trillion last year. The net collection from Customs Duty is Rs1 trillion this year against Rs747 billion last year, while the collection from Federal Excise Duty is Rs322 billion this year against Rs284 billion last year.

The report mentioned that during the last quarter of the FY2021-22, the net collection of Rs.1.741 trillion against Rs.1.351 trillion collected in the 4th quarter last year represents an increase of 31.7%.

In the month of June this year, the FBR collected Rs763 billion representing an increase of 28.9% over Rs580 billion collected in June 2021.

“The year-on-year growth of 29.1% is unprecedented, particularly, as it is realized on the heel of 31.7% growth in 4th Quarter. These figures would further improve before the close of the day and after book adjustments have been taken into account,” the FBR said.

Read: Miftah Ismail appreciates FBR for registering 28.7% growth in revenue during current FY

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