December 1, 2022 (MLN): The Federal Board of Revenue (FBR) has exceeded five months target of Rs2.68 trillion tax revenue as compared to Rs2.33tr collected in the corresponding period of last year recording an increase of over 15.3%.
FBR continuously showed excellent performance in revenue collection for the fifth consecutive month of the current fiscal year and has exceeded both the five monthly targets as well as the monthly target.
On a month-on-month basis, FBR collected Rs537 billion despite import compression and zero rating on Petroleum, Oil, and Lubricant (POL) products.
Furthermore, FBR has also issued refunds to the tune of Rs135bn as against Rs124bn issued last year.
According to the report, provisional gross revenue collection is recorded as Rs2.82trn for the first five months as against Rs2.454trn collected during the corresponding period of the previous fiscal year.
Collection of direct tax registered maximum growth of 43%.
The provisional net collection for the month of Nov’22 is Rs 538bn which shows an increase of more than 11.5% YoY over the collection of Rs480bn for Nov’21.
Further, FBR appreciates the untiring efforts and commitment of its field formations and officers in optimizing revenue collection in challenging times when import sales tax collections are negative.
Achievement of targets was made possible due to extraordinary steps taken in the areas of recovery, monitoring, and day-to-day vigilance.
Only in the area of Income tax arrears, FBR collected Rs24.17bn during the five-month period as against Rs11.69bn collected last year. During the month Rs8.98bn was collected against Rs6.65bn collected last year.
The revenue collection trends during the first five months of the financial year augurs well for the achievement of the assigned revenue targets for the current financial year.
This unprecedented growth in tax revenues underscores the resolve of the government and FBR to make Pakistan a prosperous nation.
Copyright Mettis Link News
Posted on: 2022-12-01T11:24:00+05:00
