Islamabad January 31 2022: According to the provisional information, the country’s premier revenue collection organization has collected net revenue of PKR 3,352 billion during July, 2021 to January, 2022 of current Financial Year 2021-22, which has exceeded the target of PKR 3,090 billion by PKR 262 billion. This represents a growth of about 30.4 percent over the collection of PKR 2,571 billion during the same period, last year.
The net collection for the month of January, 2022 realized PKR 430 billion representing an increase of 17.2 percent over PKR 367 billion collected in January, 2021. These figures would further improve before the close of the day and after book adjustments have been taken in to account.
On the other hand, the gross collections increased from PKR 2,705 billion during July, 2021 to January, 2022 to PKR 3,533 billion in current Financial Year July, 2021 to January, 2022, showing an increase of 30.6 percent Likewise, the amount of refunds disbursed was PKR 182 billion during July, 2021 to January, 2022 compared to PKR 134 billion paid last year, showing an increase of 35.9 percent.
It is pertinent to mention that FBR has introduced a number of innovative interventions both at policy and operational level with a view to maximize revenue potential through digitization, transparency, and taxpayers’ facilitation. This has not only resulted in ensuring the ease of doing business but also translated in a healthy and steady growth in revenue collection. Likewise, the incumbent top leadership of FBR has launched a new culture of clean taxation with a clear focus on collecting only the fair tax and not holding up refunds which are due to be paid. This has not only fast tracked the process of bridging the trust deficit between FBR and Taxpayers but also ensured the much needed cash liquidity for business community. That’s precisely why, for the first time ever in the country’s history, FBR continues to surpass its assigned revenue targets despite challenges and price stabilization measures adopted by the government.
