PM Imran Khan praised the Federal Board of Revenue (FBR) for reaching a new high of 4,732 billion rupees in tax collections in the fiscal year 2020-21.
The prime minister stated today in a tweet that tax collections were 18 percent more than last year and surpassed the goal of 4,691 billion rupees.
I commend efforts of FBR in achieving historic level of tax revenues of Rs.4732 bn in 2020-21 – exceeding target of Rs 4691 bn &18% higher than last year. This performance is testimony to the strong economic revival spurred by our government's policies.
— Imran Khan (@ImranKhanPTI) July 2, 2021
According to him, FBR’s success demonstrates the robust economic recovery fueled by our government’s initiatives.
The Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the fiscal year 2020-21.
According to the provisional information, FBR has collected net revenue of Rs. 4,732 billion during the July-June period, which has exceeded the target of Rs. .4, 691 billion by Rs. 41 billion.
This represents a growth of about 18% over the collection of Rs. 3,997 billion during the same period last year.
The net collection for the month of June was Rs. 568 billion representing an increase of 26% over Rs. 451 billion collected in June 2020.
The year-on-year growth of 18% is unprecedented particularly as it is realized on the heel of 26% growth in June.
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. 4,132 billion during this period last year to Rs. 4,983 billion, showing an increase of 21 %.
The number of refunds disbursed was Rs. 251 billion compared to Rs. 135 billion paid last year, showing an increase of 86%. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
The improved revenue performance is even more significant due to the adoption of ‘no undue advances policy as well as effective enforcement by field formations.
It is also a reflection of growing economic activities in the country despite facing the challenge of the third wave of Covid-19.
Meanwhile, FBR’s efforts to broaden the tax base are expanding apace. Early signs suggest such efforts are bearing fruits. As of 30-6-2021, income tax returns for the tax year 2020 have reached 3.01 million compared to 2.67 million in Tax Year 2019, showing an increase of 12.5 %. The tax deposited with returns was Rs.52 billion compared to only Rs.34.3 billion last year, showing an increase of 52.1%.
According to the information released by FBR, 11,100 point-of-sale terminals have been integrated with the real-time reporting system of FBR.
Pakistan Customs has collected Rs. 742 billion under the head of customs duty in FY 2020-21 against the assigned target of Rs. 640 billion and exceeded its target by Rs. 102 billion which is 16% more than the assigned target.
Whereas during the month of June 2021 an amount of Rs. 83 billion has been collected under the head of customs duty against the monthly target of Rs. 75 billion which is again 12% more than the assigned monthly target.