Staff Reporter Islamabad
Prime Minister Imran Khan Wednesday appreciated the Federal Board of Revenue (FBR) for achieving historic growth of 41 percent in March this year with collection of Rs 460 billion.
Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first nine months of current fiscal year.
According to the provisional information, FBR has collected net revenue of Rs.3394 billion during Jul-March period, which has exceeded the target of Rs.3287 billion by more than Rs.100 billion.
This represents a growth of about 10% over the collection of Rs.3076 billion during the same period last year.
The net collection for the month of March was Rs.475 billion, against a required increase of Rs.367 billion, representing an increase of 46% over Rs.325 billion collected in March 2020 and 129% of the target. The year-on-year growth of 46% is unprecedented.
These figures would 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.3178 billion during this period last year to Rs.3571 billion this year, showing an increase of 13%.
The amount of refunds disbursed was Rs.177 billion compared to Rs.102 billion paid last year, showing an increase of 74%.
This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
The improved revenue performance is a reflection of growing economic activities in the country despite facing the challenge of third wave of COVID-19.
During April-June 2021, it is expected that this revenue performance would be improved substantially compared to 2020 when economic activities were disrupted due to Covid.
Meanwhile, FBR’s efforts to broaden the tax base are expending apace. Early signs suggest such efforts are bearing fruits.
As on 28-2-2021, income tax returns for tax year 2020 have reached 2.8 million compared to 2.6 million last year, showing an increase of 8%.
The tax deposited with returns was Rs.51 billion compared to only Rs.33.0 billion, showing an increase of 54%.