ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday reported “historic high” tax collection during the month of November, which surged by 35% to Rs470 billion against a target of Rs408 billion.
According to provisional figures released, the FBR has collected net revenue of Rs2,314 billion during the first five months (July-November) of the current fiscal year 2021-22, which has exceeded the target of Rs2,016 billion by Rs298 billion.
The 36.5% growth comes despite the “daunting challenges, compelling constraints posed by the coronavirus pandemic, and sporadic tax cuts announced by the government as relief and price stabilisation measures.”
The collection clocked in at Rs1,695 billion during the same period last year.
In a statement issued, the revenue board mentioned that while chasing the target of Rs408 billion fixed for the month, the net collection in November realised Rs470 billion (Rs62 billion in excess of the assigned monthly target) representing an increase of 35.2% over Rs348 billion collected in November 2020.
However, it clarified that these figures would further improve before the close of the day and after book adjustments have been taken into account.
Moreover, the gross collections increased from Rs1,783 billion during July-November 2020 to Rs2,437 billion in the ongoing fiscal year, showing an increase of 36.7 %. The number of refunds disbursed clocked in at Rs123 billion during July-November 2021 compared to Rs88 billion paid in the same month of last year, showing an increase of 40.5%.
The revenue board stated that after collecting over Rs4.7 trillion and exceeding its assigned revenue targets set for the tax year 2020-21, the FBR has successfully maintained the momentum set in July 2021.
“Its tax collection posted historic high growth in the first quarter of the current fiscal year,” it revealed, adding that during the first four months (July-October), the FBR has far surpassed its revenue target by Rs233 billion.
“This spectacular performance in the first five months of the current fiscal year clearly shows that FBR is well on its way to achieving the assigned target of Rs5,829 billion for the year,” the statement read.