Thursday Jul 01, 2021
ISLAMABAD: The Federal Board of Revenue (FBR) went over its tax collection target of Rs4,691 billion for fiscal year 2020-21 and managed to collect Rs4,725 billion.
But the FBR didn't manage to meet its initially envisaged tax collection target of Rs4,963 billion for 2020-21, which was revised downward to Rs4,691 billion in line with the IMF agreement.
Tax collections increased by 18.2% during the current financial year, FBR sources said.
Last year, the FBR had collected revenue of Rs3997 billion.
The FBR made net collection of Rs555 billion in June 2021 that helped the bureau jack up its overall collection to Rs4,725 billion on June 30, 2021 night.
The FBR’s collection stood at Rs4,170 billion during the first 11 months (July-May) period of the current fiscal year, so after adding collection of June 2021, the overall collection went up to Rs4,725 billion, The News reported.
The FBR has not so far issued a press release and the Board will make a formal announcement today (Thursday).
This is the first fiscal year where FBR has achieved net revenue collection growth in the range of 18.2%. In the first two fiscal years under the PTI led regime, the FBR’s revenue growth had remained flat in 2018-19 and 2019-20. In the second year 2019-20, the COVID-19 pandemic had negatively impacted the FBR’s growth endeavours, the publication reported.
“Yes, the FBR has surpassed its revised tax collection target and so far, the collection stands at Rs4,725 billion on June 30, 2021,” a senior FBR official confirmed.
The official said the FBR’s gross collection stood at Rs4,976 billion till June 30, 2021 and the Board paid refunds of Rs251 billion, so the net collection fetched Rs4,725 billion.
The FBR’s gross collection was standing at Rs4,133 billion during the last financial year 2019-20 and the Board had paid refunds to the tune of Rs136 billion in this period.