According to the provisional information, FBR has collected net revenue of PKR4,170 billion during Jul-May period, which has exceeded the target of PKR3,994 billion by PKR176 billion. This represents a growth of about 18 percent over the collection of Rs.3, 549 billion during the same period last year.
The net collection for the month of May was PKR386 billion, against a required increase of PKR214 billion, representing an increase of 69 percent over PKR229 billion collected in May 2020 and 168 percent of the target. The year-on-year growth of 69 percent is unprecedented particularly as it is realized on the heel of 57 percent in April. These figures would further improve before the close of the day and after book adjustments have been taken into account.
Pakistan Customs has collected PKR672 billion under the head of customs duty in first eleven months of Fiscal year 2020-21 against the assigned target of PKR565 billion and exceeded its target by PKR107 billion which is 19 percent more than the assigned target. Whereas during the month of May, 2021 an amount of PKR64 billion has been collected under the head of customs duty against the monthly target of PKR57 billion which is again 12 percent more than the assigned monthly target.
PKR107 billion was collected more under the head of customs duty in first 11 months of current financial year as compared to FY19-20, despite the re-arrival of COVID-19 pandemic and has shown a growth of 19 percent as compared to previous financial year, which is quite remarkable
On the other hand, the gross collections increased from PKR3,674 billion during this period last year to PKR4,386 billion, showing an increase of 19.4 percent.
The amount of refunds disbursed was PKR216 billion compared to PKR125 billion paid last year, showing an increase of 42.3 percent. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
The improved revenue performance is a reflection of growing economic activities in the country despite facing the challenge of third wave of COVID-19. However, during the Eid holidays, revenue collection slowed down considerably.
Meanwhile, FBR’s efforts to broaden the tax base are expending apace. Early signs suggest such efforts are bearing fruits. As on 31-5-2021, income tax returns for tax year 2020 have reached 2.93 million Compared to 2.63 million in tax year 2019, showing an increase of 11.4 percent. The tax deposited with returns was PKR52 billion compared to only PKR34 billion last year, showing an increase of 55 percent.
FBR has also released the information about Tier-I retailers who have been integrated with POS system. According to the information, 10,767 sales points have been integrated with Point of Sales Linked Invoicing System.