Islamabad August 01 2021: Income Tax Returns for Tax Year-2020 have reached 3.53 million compared to 2.72 million in Tax Year-2019 showing an increase of 30 percent, as per data released by Federal Bureau Of Revenue (FBR).
The tax deposited with returns was PKR 51 billion compared to only PKR 33 billion last year, showing an increase of 54 percent. According to the information released by FBR, 11,744 point of sale terminals have been integrated with real time reporting system of FBR.
Federal Board of Revenue (FBR) has also released the provisional revenue collection figures for the month of July, 2021.
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According to the provisional information, FBR has collected net revenue of PKR 413 billion during July, 2021, which has exceeded the target of PKR 342 billion by PKR 71 billion. This represents a growth of about 36 percent over the collection of PKR 303 billion during the same period last year. These figures would further improve before the close of the day and after book adjustments have been taken into account. These collections are the highest ever in the month of July. This outstanding revenue performance is a reflection of sustained economic revival spurred by government policies.
On the other hand, the gross collections increased from PKR 317 billion during this period last year to PKR 419 billion, showing an increase of 32.1 percent.
The amount of refunds disbursed was PKR 20 billion compared to PKR 15.7 billion paid last year, showing an increase of 26.6 percent. This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry despite facing the challenge of fourth wave of COVID-19.
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Pakistan Customs has collected PKR 67 billion under the head of customs duty during July, 2021 whereas during the month of July last year, an amount of PKR 49 billion was collected which showed a growth of 37 percent.
During July, 2021 smuggled goods worth PKR 3.6 billion have been seized