Federal Board of Revenue on Thursday issued further refunds of Rs 31.3 billion to take the total amount of refunds issued during the year to more than Rs 100 billion in first 11 months as against Rs 54 billion issued during the entire 12 months of the previous year.
Official data from the Federal Board of Revenue (FBR) on Thursday revealed the tax regulator had provisionally collected Rs 3.274 trillion in taxes for eleven months (July-May) of the outgoing financial year 2017-18.
Meanwhile, Federal Board of Revenue during the first 11 months of the current financial year has also recorded a provisional net revenue collection of over Rs. 3,274 billion (3.274 Trillion) as against Rs. 2,854 billion collected during the same period of the previous fiscal year, excluding collection on account of book adjustments which depicts an increase of around 15 percent, says a statement issued today.
The provisional collection for the month of May 2018 is Rs 351 billion excluding collection on account of book adjustments.
The figures of collection received in the treasuries of the remote areas may further swell the revenue figures. The revenue collection trend during the first eleven months of the financial year augurs well for the efforts of FBR towards achievement of the assigned revised annual revenue target.
The budget deficit in first nine months (July-March) of the current financial year stood at Rs 1.481 trillion, which translated into 4.3 percent of gross domestic product (GDP).
During the five-year tenure of PML-N, the revenue collection almost doubled from Rs 1.946 trillion when it took power in June 2013.
This doubling in the collection came in wake of new taxes of Rs 1.4 trillion.
However, this increase couldn’t offset the nominal rise in the size of the economy highlighting the government’s inability to curb revenue leakage due to taxpayers’ theft.