FBR Exceeds October Tax Collection Target by Rs. 31 Billion

The Federal Board of Revenue (FBR) has exceeded the assigned tax collection target of Rs. 397 billion set for the month of October 2021.

It has collected Rs. 428 billion provisionally during this month against the assigned target of Rs. 397 billion until now, reflecting an increase of Rs. 31 billion.

The provisional revenue collection of FBR reached Rs. 428 billion during the first 29 days of October versus Rs. 331 billion collected last October showing a growth of 29 percent. The revenue collection will increase on the compilation of the final figures by the end of October 2021. These figures will continue to improve before the close of the day and after the book adjustments have been taken into account.

FBR’s provisional data shows that it has collected net revenue of Rs. 1,829 billion during July-October (2021-22) against the assigned target of Rs. 1,608 billion, indicating a growth of 14 percent. Its target of Rs. 1,608 billion was amassed before the end of the current month.

On the other hand, the gross collections increased from Rs 1413 billion during July-October, 2020 to Rs 1932 billion in the current Financial Year, showing an increase of 36.7 %. The number of refunds disbursed was Rs 91 billion during July-October, 2021 compared to Rs 66 billion paid last year, showing an increase of 37.7%.

FBR’s provisional tax collection amounted to Rs. 1,829 billion (net) during the first four months of the current fiscal year against Rs. 1,342 billion collected in the corresponding period of 2020-21, showing a handsome growth of 36 percent.