The Federal Board of Revenue (FBR) has collected net revenue of Rs. 2,314 billion during July-November of the current financial year, exceeding the target of Rs. 2,016 billion by Rs. 298 billion.
According to provisional revenue collection figures for the months July-November of FY22, released on Tuesday, the improvement represents a growth of about 36.5 % over the collection of Rs. 1,695 billion during the same period last year.
FBR met the target of Rs. 408 billion fixed for November 2021 and realized Rs. 470 billion as a net collection (Rs. 62 billion in excess of assigned monthly target), representing an increase of 35.2 % over Rs. 348 billion collected in November 2020. The figures will further improve till the day end and after the book adjustments are taken into account.
On the other hand, the gross collections increased from Rs. 1,783 billion during July-November, 2020 to Rs. 2,437 billion in the current financial year, showing an increase of 36.7%. The number of refunds disbursed was Rs. 123 billion during July-November 2021 compared to Rs. 88 billion last year, showing an increase of 40.5 %.
It is pertinent to mention that after collecting over Rs. 4.7 trillion and exceeding its assigned revenue targets set for the tax year 2020-21, FBR has successfully maintained the momentum set in July 2021. The FBR tax collection posted historic high growth in the first quarter of the current fiscal year. During the first four months (July-October), FBR surpassed its revenue target by Rs. 233 billion.
The performance of FBR during the first five months of the current financial year clearly shows that it will achieve the set target of Rs. 5,829 billion for the year despite the daunting challenges, compelling constraints posed by the COVID-19 pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures.