FBR registers revenue of Rs 5,349B during FY21-22

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FBR

Islamabad: The provisional revenue collection figures for the months of July 2021 to May 2022 of the current Financial Year 2021-22 have been announced by the Federal Board of Revenue (FBR).

According to preliminary data, the FBR generated net revenue of Rs. 5,349 billion during the current Financial Year 2021-22, from July 2021 to May 2022. After the closing of payment collections and reconciliation with the State Bank of Pakistan, the provisional figures given will improve even more.

This is a 28.4 per cent increase over the Rs. 4,164 billion was collected during the same time the previous year.

The net collection for May 2022 was Rs. 490 billion, which is up 26.8% from the Rs. 387 billion received in May 2021. Gross revenues, on the other hand, grew by 28.6 per cent from Rs 4,389 billion in July 2020 to May 2021 to Rs 5,644 billion from July 2021 to May 2022.

Similarly, refunds disbursed in May 2022 totalled Rs.30.4 billion, up from Rs.21.1 billion in May 2021, a 44.3 per cent increase. Similarly, reimbursements of Rs 295.5 billion were paid from July 2021 to May 2022, up from Rs 224.2 billion paid the previous year, a 31.8 per cent increase.

The ongoing unprecedented and consistent growth trajectory in revenue collection has been achieved despite the government providing enormous tax relief to the common man on a variety of basic commodities. Sales tax on all POL goods has been slashed to zero for the first time in the country’s history, costing the FBR Rs 45 billion in May 2022.

It’s also worth noting that the FBR has implemented a number of innovative policy and operational initiatives aimed at maximising income potential through digitization, transparency, and the facilitation of taxpayers. This has not only ensured openness, taxpayer convenience, and ease of doing business, but it has also resulted in a healthy and consistent increase in revenue collection.

Similarly, the FBR’s current senior leadership has instituted a new clean taxing culture, with a clear focus on collecting only the fair tax and not delaying refunds that are due.

This has not only expedited the process of bridging the confidence gap between the FBR and taxpayers but has also provided the business community with much-needed monetary liquidity. That is why, despite the government’s struggles and price stability efforts, the FBR continues to exceed its income projections.

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

Miftah congratulates FBR

Finance Minister Miftah Ismail congratulated the FBR in a tweet for collecting Rs 490b in May 2022 despite no sales tax on petroleum products.

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