FBR exceeds tax collection target set for 5MFY22

Collection represents growth of 36.5pc compared to 5MFY21

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs2,314 billion tax during the first five months of the current fiscal year 2021-22 (5MFY22), exceeded the target of Rs2,016 billion by Rs298 billion and representing a a growth of about 36.5 per cent over the collection of Rs1,695 billion during the July-November period last year. 

As per details, the tax department’s collection included Rs760 billion income tax, Rs1,047 billion sales tax, Rs121 billion federal excise duty (FED) and Rs383 billion Customs duty.

While chasing the target of Rs408 billion fixed for the month of November, the net collection totaled realised Rs470 billion with Rs62 billion in excess of the assigned monthly target, an increase of 35.2pc over Rs348 billion collected in November FY21.

Out of Rs470 billion revenue, FBR collected Rs137 billion income tax, Rs216 billion sales tax, Rs24 FED and Rs92 billion Customs duty.

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On the other hand, gross collections increased from Rs1,783 billion during 5MFY21 to Rs2,437 billion in the same period of the current fiscal, showing an increase of 36.7pc while the amount of refunds disbursed during 5MFY22 was Rs123 billion compared to Rs88 billion paid last year, showing an increase of 40.5pc.

A handout issued by the tax department stated that after collecting over Rs4.7 trillion and exceeding its assigned revenue targets set for tax year FY21, FBR has successfully maintained the momentum set in July, 2021. 

“This spectacular performance in the first five months of the current financial year clearly shows that FBR is well on its way to achieving the assigned target of Rs5,829 billion for the year despite daunting challenges, compelling constraints posed by the pandemic, and sporadic tax cuts announced by the government as relief and price stabilisation measures,” the statement concluded.

 

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Shahzad Paracha
The writer is a member of Pakistan Today's Islamabad bureau. He can be reached at [email protected]

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