ISLAMABAD: The Federal Board of Revenue (FBR) has successfully maintained the momentum of its growth trajectory in revenue collection.
FBR has released the provisional revenue collection figures for the months July 2021 to January 2022 of the current financial year, FY2021-22.
According to the provisional information, the country’s premier revenue collection organisation has collected net revenue of Rs3,352 billion from July 2021 to January 2022 of FY2021-22, which has exceeded the target of Rs3,090 billion by Rs262 billion.
It represents a growth of about 30.4% over the collection of Rs2,571 billion during the same period as compared to the last year.
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The net collection for the month of January 2022 realised Rs430 billion representing an increase of 17.2% over Rs367 billion collected in January 2021. The figures would further improve before the close of the day and after book adjustments have been taken into account.
On the other hand, the gross collections increased from Rs2,705 billion from July 2021 to January 2022 to Rs3,533 billion in the current financial year, showing an increase of 30.6%.
Likewise, the volume of refunds disbursed was Rs182 billion from July 2021 to January 2022 compared to Rs134 billion paid last year, showing an increase of 35.9%.
It is pertinent to mention that FBR has introduced a number of innovative interventions both at the policy and operational levels with a view to maximizing revenue potential through digitization, transparency, and taxpayers’ facilitation.
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The moves have 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. It expedites the process of bridging the trust deficit between FBR and taxpayers but also ensured the much-needed cash liquidity for the business community.
For the first time ever in the country’s history, FBR continued to surpass its assigned revenue targets despite challenges and price stabilisation measures adopted by the government.