FBR surpasses 7 months target By Rs262bn

January 31, 2022: Federal Board of Revenue has successfully maintained the momentum of its growth trajectory in revenue collection as it collected net revenue of Rs 3,352 billion during July 2021 to January 2022 of current Financial Year 2021-22, which has exceeded the target of Rs 3,090 billion by Rs 262 billion, said a press release issued today.

This represents a growth of about 30.4% over the collection of Rs. 2,571 billion during the same period, last year. 

FBR has released the provisional revenue collection figures for the months July 2021 to January 2022 of current Financial Year 2021-22. The net collection for the month of January 2022 realized Rs. 430 billion representing an increase of 17.2 % over Rs 367 billion collected in January 2021. 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 2,705 billion during July 2021 to January 2022 to Rs 3,533 billion in the current Financial Year July 2021 to January 2022, showing an increase of 30.6% Likewise, the amount of refunds disbursed was Rs 182 billion during July 2021 to January 2022 compared to Rs 134 billion paid last year, showing an increase of 35.9%.

It is pertinent to mention that FBR has introduced a number of innovative interventions both at the policy and operational levels with a view to maximize revenue potential through digitization, transparency, and taxpayers' facilitation.

This has not only resulted in ensuring the ease of doing business but also translated in healthy and steady growth in revenue collection. Likewise, the incumbent top leadership of FBR has launched a new culture of clean taxation with a clear focus on collecting only the fair tax and not holding up refunds that are due to be paid.

This has not only fast-tracked the process of bridging the trust deficit between FBR and Taxpayers but also ensured the much-needed cash liquidity for the business community. That's precisely why, for the first time ever in the country's history, FBR continues to surpass its assigned revenue targets despite challenges and price stabilization measures adopted by the government.

Press Release