The Federal Board of Revenue (FBR) has released preliminary revenue collection figures for the first eleven months of the current fiscal year 2020-2021. In a series of tweets, an FBR spokesperson shared preliminary figures regarding revenue collection.
FBR generated Tax Revenue of Rs 4,170 billion for the 11 months period July’2020-May’2021, exceeding the Rs 3,994 billion target by Rs 176 billion. This represents an increase of about 18% in the Tax collection as comapred to Rs 3,549 billion over the same period last year.
The Tax collection for May was Rs 386 billion against the Target of Rs 214 billion, up 69% from the 229 billion rupees collected in May 2020 and 168% of the target. The 69% growth is unprecedented, especially when tax collection in April itself was high. These figures will be further improved at the close of the month and after consideration of the accounting adjustment.
On the other hand, the total collection rose from Rs 3,674 billion over the same period last year to Rs 4,386 billion, an increase of 19.4%.
The Tax Refunds amounted for Rs 216 billion, up from Rs 125 billion paid last year, an increase of 42.3%. This reflects FBR’s decision to quickly track refunds to avoid liquidity shortages in the industry.
The improvement in Tax revenue reflects the country’s growing economic activity, despite the fact that it is facing the problem of the third wave of COVID-19.
Meanwhile, the FBR’s efforts to expand the tax base remain fruitful. As of May 31, 2021, tax returns for the tax year 2020 reached Rs 2.93 million, up from Rs 2.63 million in the tax year 2019, an increase of 11.4%.
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