Maintaining its momentum, the Federal Board of Revenue (FBR) has surpassed the revenue collection target it had set for seven months.
According to provisional revenue collection figures released by FBR, the organization has collected net revenue of Rs. 3,352 billion from July 2021 to January 2022 of the financial year 2021-22, exceeding the target of Rs. 3,090 billion by Rs. 262 billion. This represents a growth of about 30.4 percent over the collection of Rs. 2,571 billion during the same period of last year.
The net collection for the month of January 2022 realized Rs. 430 billion, representing an increase of 17.2 percent over Rs. 367 billion collected in January 2021. These figures would further improve before the close of the day and after book adjustments are taken into account.
On the other hand, the gross collection increased from Rs. 2,705 billion from July 2021 to January 2022 to Rs. 3,533 billion from July 2021 to January 2022, showing an increase of 30.6 percent. Likewise, the amount of refunds disbursed was Rs. 182 billion in the said period of the current fiscal year, compared to Rs. 134 billion paid last year, showing an increase of 35.9 percent.
It is pertinent to mention that FBR has introduced a number of innovative interventions both at the policy and operation levels with a view to maximizing 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 is 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.
