FBR says it collected Rs65b more in Jul-Nov taxes YoY

KARACHI: Federal revenue board shared on Tuesday its Monthly report on tax revenue collections across Pakistan noting Rs1.688 trillion in July-Nov period claiming a jump of Rs19 billion above target, ARY News reported.

According to the FBR press statement released today, set target for Jul to Nov period was Rs1.669 trillion, however the total collections marked Rs19 billion above target, and added that on year-on-year comparison, this year translated in a surge of Rs65 billion.

In its revenue break up, the tax body said it earned Rs577 billion on account of income-tax, while Rs743 billion under sales-tax head.

The collections in federal excise tax and customs duties remained at Rs104 billion and Rs264 billion respectively, the press statement recorded.

It may be noted that in its gross income of the five-month span, the tax regulator collected Rs1.773 trillion which is Rs109 billion more than its set target for this period.

In the month of November alone, the total tax collections stood at Rs347 billion while Rs17 were released in tax refunds in the same month.

A total of Rs80 billion have been released in tax returns in July-Nov period this year, FBR said.

On the confiscation of smuggled goods, the revenue body recorded collection of Rs27 billion translating from smuggling foils. While it was Rs18 billion in the corresponding period last year.

READ: FBR achieves five-month tax target

The revenue machinery’s tax collection in November stood at Rs346 billion, falling short of the set target of Rs348 billion. However, it recorded more than 3 per cent year-on-year growth from Rs335 billion collected in the same month last year.