FBR registers more than 18.5pc revenue growth

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ISLAMABAD: Federal Board of Revenue has continued to display satisfactory performance for the fourth consecutive month of the current financial year and achieved provisional gross revenue collection of over Rs 1074 billion for the first four months of the fiscal year by recording an increase of around 20.4 per cent over the revenue collected during the corresponding period of last fiscal year.

Refunds during this period have been issued to the tune of Rs 42 billion as against Rs 21 billion issued during this year depicting an increase of 100 per cent during the corresponding period of the previous fiscal year. In addition to the issuance of these refunds, another amount of approximately 13 billion has been issued a sales tax refund to refund claimants.

Provisional net revenue collection was recorded as Rs 1,033 billion for the first four months of the fiscal year with an increase of around 18.5 per cent over the net revenue collected during the same period of last fiscal year. The target for the year has been fixed with an annual increase of 19.2 per cent over the previous year.

The provisional collection for the month of October 2017 was 267 billion which shows an increase of more than 12 per cent over the collection for October 2016 which depicts a substantial improvement over the growth of 5.23 per cent registered in the monthly collection last year. During the fiscal year 2016-17, the collection for the first four months stood at Rs 872 billion as against the figure of Rs 1,032 billion collected this year.

During October 2017, according to the provisional figures received so far, FBR has made a net collection of more than Rs 267 billion as against Rs 237 billion collected during October 2016. The revenue collection trend during the first four months of the financial year augurs well for the efforts of FBR towards the achievement of the assigned annual revenue targets.

Federal Board of Revenue also wishes to dispel the impression created by some reports appearing in sections of the press that the number of the returns received for the tax year 2017 has declined as compared to returns received for the tax year 2016. This impression is grossly misleading as only 352,022 returns were received up to November 1, 2016, whereas 608,587 returns have been received until November 1, 2017. This shows a substantial increase of 72 per cent in the number of returns received during the same period of the previous fiscal year.