FBR collects Rs458bn in July, surpasses revenue target by Rs15bn

August 01, 2022 (MLN): The Federal Board of Revenue (FBR) has collected net revenue of Rs458 billion in July 2022, exceeding the target of Rs443bn by Rs15bn, provisional revenue data released by the board showed on Sunday.

This represents a growth of nearly 10% YoY when compared to Rs417bn during July 2021. The figures showed that these are the highest ever revenue collection recorded in the month of July.

While, the gross collection jumped to Rs486bn in July 2022, 11% higher than Rs438bn collected in the same period last year. Similarly, refunds in July amounted to Rs28bn compared with Rs21bn in July 2021, depicting an increase of 33%. This is reflective of the FBR’s strong commitment to fast-tracking refunds and thereby preventing liquidity shortages in the industry.

In the tax year 2021, the income tax returns filed reached 3.4 million while in FY20 tax filers were around 3mn.  The tax deposited with returns during the tax year 2021 was Rs76bn as opposed to Rs52bn in the tax year 2020, up by 46.2%.

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