FBR registers impressive revenue growth of 36.5% in five months

ISLAMABAD: The Federal Board of Revenue (FBR) witnessed another period of robust growth, as the apex tax body collected net revenue of Rs2.314 trillion during the first five months (July-November) of the current financial year 2021/22, exceeding the target of Rs2.016 trillion by Rs298 billion.

The FBR had collected Rs1.695 trillion during the preceding period of the last year. On a month-on-month basis, the revenue board collected Rs470 billion in November 2021, exceeding the set target of Rs408 billion, showing a growth of 35.2 per cent over Rs348 billion collected in November 2020.

These figures would further improve before the close of the day and after book adjustments were taken into account.

Similarly, the gross collections increased to Rs2.437 billion in the current financial year from Rs1.783 trillion during July-November 2020, showing an increase of 36.7  per cent.

The revenue board refunded Rs123 billion during July-November 2021, compared with Rs88 billion last year, showing an increase of 40.5 per cent.

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.

During the first four months (July-October), the FBR has surpassed its revenue target by Rs233 billion. This spectacular performance in the first five months of the current financial year clearly shows that the revenue board is well on its way to achieving the assigned target of Rs5.829 trillion for the year, 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.