FBR outpaces tax collection for first half by 32.5%

• FBR reports increase in tax collection.
• Provisional revenue collection of Rs2,920 billion for July-December of FY 2021-22 exceeds target by Rs287 billion
  
• This is a 32.5% increase over the previous year's collection of Rs2,204 billion.

ISLAMABAD: The first half of the fiscal year 2012-22 (July-Dec) has seen an increase of Rs287 billion in tax collection, reported The News on Saturday.

According to figures issued by the Federal Board of Revenue (FBR) on Friday night, provisional revenue collection of Rs2,920 billion for July-December of the current FY 2021-22 exceeds the target of Rs2,633 billion by Rs287 billion.

This is a 32.5% increase over the previous year's collection of Rs2,204 billion.

The net collection in December 2021 was Rs600 billion, rising 18.0% from Rs509 billion in December 2020.

After book updates, these numbers will improve even more by the end of the day.

Gross revenues, on the other hand, climbed by 32.5% from Rs2,315 billion in July-December 2020 to Rs3,068 billion in July-December 2021.

Similarly, for July-December 2021, refunds reached Rs148 billion, increasing from Rs111 billion the previous year, a 33.0% rise.