The Minister for Finance, Shaukat Tarin, has assigned a revenue collection target of Rs. 357 billion for May 2021 to the Federal Board of Revenue (FBR).
Highly-placed officials told Propakistani that the tax-collecting machinery has collected a revenue of around Rs. 100 billion so far. The tax authorities are confident of meeting the assigned revenue collection target of Rs. 357 billion for May 2021.
The FBR is required to collect Rs. 357 billion in May to meet the downward revised revenue collection target of Rs. 4.7 trillion by the end of the current fiscal year.
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The revenue collection target of June will be finalized in consideration of the provisional collection in May 2021. The June target could be set at Rs. 636 billion, officials concluded.
According to the FBR’s data, it collected net revenue of Rs. 3,780 billion during the July-April period, which exceeded the target of Rs. 3,637 billion by more than Rs. 143 billion. This represents a growth of about 14 percent over the collection of Rs. 3,320 billion during the same period last year.
The net collection for the month of April was Rs. 384 billion, against a required increase of Rs. 242 billion, representing an increase of 57 percent over Rs. 240 billion collected in April 2020 and 159 percent of the target.
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The year-on-year growth of 57 percent is unprecedented, particularly as it was realized on the heel of 46 percent in March. These figures will continue to improve before the close of the day and after the book adjustments have been taken into account.
On the other hand, the gross collections increased from Rs. 3,438 billion during this period last year to Rs. 3,976 billion, showing an increase of 16 percent. The amount of refunds disbursed was Rs. 195 billion, as compared to Rs. 118 billion paid last year, showing an increase of 65 percent.
