FBR posts record 5MFY22 revenue collections

November 30, 2021 (MLN):

Provisional figures released by the Federal Board of Revenue (FBR) on Tuesday showed tax revenue collections during the first four months of the FY22 rose by record 36.5% to Rs2.31 trillion compared to Rs1.69tr during the same period last year.

In a meeting held with FBR officials, Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin lauded the tax collection figures and sought doubling of efforts and launch taxpayer outreach initiative at the earliest to expand the existing tax base and boost the revenue collection.

Cumulative tax collection during the 5MFY22 exceeded the Rs1.69tr collection target by Rs298 billion.

Against a target of Rs408bn, net collection in November 2021 clocked in at Rs470bn (Rs62bn above monthly target) representing an increase of 35.2 % over Rs348 billion collected in November 2020.

These FBR said that figures are likely to improve after accounting for the last day of the month book adjustments.

On the other hand, gross collections increased by 36.7% to Rs2.43tr during FY22 from Rs1.78tr during the same period last year. The amount of refunds disbursed was Rs123bn during July- November, 2021 compared to Rs88bn paid last year, showing an increase of 40.5 %.

“This spectacular performance in first five months of the current financial year clearly shows that the FBR is well on its way to achieving the assigned target of Rs5.82tr for the year despite the daunting challenges, compelling constraints posed by the corona pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures,” the press release noted.

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