FBR has achieved net revenue of Rs3780 billion from July to April

The Federal Board of Revenue (FBR) has released preliminary details of revenue collected in the first ten months of the current financial year.

The FBR has achieved a net revenue of Rs 3780 billion from July to April, which is Rs 143 billion, more than the target of Rs 3637 billion sets for the period.

Net revenue for the same period last year has increased by 14% as compared to Rs. 3320 billion.

The FBR has also released April figures.

As per the details, the revenue net collection in April stood at Rs 384 billion while the required increase was Rs 242 billion.

This is an increase of 159 percent over the target and a net increase of 57 percent over the net revenue of Rs 240 billion achieved in April last year.

The 57% increase in April compared to the previous year is a historic one, which is more than the 46% increase, achieved in March.

In the first ten months of the current financial year, the gross revenue stood at Rs. 3976 billion as against Rs. 3438 billion in the previous year and increased by 16%.

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Refunds of Rs 195 billion have been issued so far this financial year as against Rs 118 billion in the same period last year.

So far this year, refunds have increased by 65%.

As of May 1, 2021, the number of people filing income tax returns for the tax year 2020 has reached 2.9 million, up from 2.6 million in the same period last year.

The number of people filing tax returns has increased by 12%.

The tax paid with tax returns stood at Rs 50.6 billion as against Rs 33.1 billion in the same period last year. Thus, tax payments have increased by 53% this year.

10583 cell machines have been connected to the point of sale system.

Pakistan Customs collected customs duty of Rs 606 billion in the first ten months of the current financial year against the target of Rs 507 billion.

Thus, Rs 99 billion and 20 percent more customs duty was achieved from the target.

In the month of April this financial year, customs duty of Rs. 65 billion was collected against the target of Rs. 59 billion. Thus, 10% more customs duty was obtained.

It may be mentioned here that the customs duty collected in the current financial year was Rs. 88 billion more than the previous financial year which is 17% more even though the economic slowdown is continuing due to Karuna.

Smuggled goods worth Rs 4.54 billion were seized in April this year as against Rs 3.43 billion in April last year.

There has been a 32% increase in confiscated items.

Smuggled goods worth Rs 48.55 billion were seized in the first ten months of the current financial year as against Rs 31 billion last year, an increase of 56 percent.

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