FBR Beats April Revenue Target, Exports Cross $2bn Benchmark

Federal Board of Revenue (FBR) exceeded another target during the fiscal year 2020-21 (FY21) taking its net revenue to over Rs 3,700 billion between July and April.

FBR collected revenue of Rs 3,780 billion during the July-April period that corresponds to a growth of 14% compared to the corresponding period of the previous fiscal year.

Only in April, the revenue body accumulated Rs 384 billion against the target of Rs 242 billion.

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It was also 57% more than the revenue collected in April last fiscal year.

The gross collection by FBR during July-April in FY21 were recorded at Rs 3,976 billion but around Rs 195 billion were paid in refunds.

Further, the income tax returns in 2020-21 have reached 2.9 million compared to 2.6 million in the last tax year, a 12% increase in tax returns.

FBR data showed that the volume of tax deposited with returns remained Rs 50.6 billion. The amount is 53% more than Rs 33.1 billion deposited under same head last year.

Meanwhile, the revenue collection body has also integrated some 10,583 sales points across the country with its Point of Sales (PoS) invoice system.

Customs recoveries

Pakistan Customs has collected Rs 606 billion under head of customs duty during the first ten months of FY21.

This is 20% higher than the assigned target of Rs 507 billion for the period.

In April, the customs accumulated Rs 65 billion under customs duty against the monthly target of Rs 59 billion.

The customs seized smuggled goods worth Rs 4.54 billion in the outgone month, the data showed.

During July-April FY21, the customs captured smuggled items worth Rs 48.55 billion while in the corresponding period last year, the recoveries stood at Rs 31 billion.

Record exports

Moreover, Pakistan’s export for April was recorded at $2.191 billion.

Adviser to Prime Minister of Pakistan for Commerce and Investment Abdul Razak Dawood wrote on his Twitter handle that it was the first time since 2011 that the exports have crossed $2 billion benchmark for the seventh consecutive month.

Alhamdulillah, Pakistan’s export for April 2021 stood at USD 2.191 billion. This is the first time since 2011 that our monthly exports have crossed the 2-billion mark for 7 consecutive months. The export growth of 129% over

— Abdul Razak Dawood (@razak_dawood) May 2, 2021

He told that country’s exports between July-April grew by 13% to $20.879 billion compared to $18.408 billion during the corresponding period of the previous fiscal year.