FBR surpasses January tax target by Rs24bn

Overall, the revenue board has collected Rs2.57tr in July-Jan FY21, as against the target of Rs2.55tr

ISLMAABAD: The Federal Board of Revenue (FBR) has collected a net revenue of Rs2,570 billion in the first seven months (July-January) of the current fiscal year (FY2020-21), as against the target of Rs2,550 billion.

According to officials, FBR’s provisional revenue collection of Rs2,570 billion during the Jul-Jan FY21 period was 6.4pc higher compared with Rs2,416 billion collected during the same period of FY20.

The net collection for the month of January was recorded at Rs364 billion against the target of Rs340 billion; representing an increase of 12.3pc over last January. This is the first double-digit monthly growth witnessed in the current fiscal year.

Meanwhile, refund payments clocked in Rs129 billion during 7MFY21 compared to Rs69 billion last year, showing an increase of 87pc. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity issues of the industry.

Officials attributed improved collection figures to growing economic activities in the country despite challenges imposed by the second wave of Covid-19. Going forward, it is expected that this performance would be strengthened further with economic recovery gaining more momentum, they added.

According to FBR, the board is expending serious efforts to broaden the tax base in the country.

As on 30st Jan 2021, the number of income tax returns (filed) stood at 2.52 million compared to 2.31 million last year, showing an increase of 9pc, while tax deposited with returns clocked in at Rs48.3 billion compared to only Rs29.6 billion last year, depicting an increase of 63pc.

Besides, FBR has issued notices to nearly 1.4 million taxpayers, who were supposed to file returns or filed nil return or misdeclared their assets. Those who are not complying will be pursued diligently until compliance is achieved, the FBR stated.

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