FBR achieves tax target for eight months of FY2020-21

KARACHI: The Federal Board of Revenue (FBR) on Friday announced that it has successfully achieved tax targets for the first eight months of the fiscal year 2020-21, ARY NEWS reported.

According to a spokesman for the FBR, it has successfully collected a tax amount of Rs2,900 billion in the first eight months of the fiscal year, which is higher than the revenue target of Rs2898 billion, set for the period.

The target for the eight months was achieved two days ahead of the end of February 2020, the FBR spokesman said adding that more revenue would be generated by the end of the ongoing month.

It is pertinent to mention here that a similar achievement was made by the tax collection body during the last month after the FBR collected Rs 364 billion in taxes during the month of January 2021, surpassing its monthly target for January 2021 which was set at Rs 340 billion.

The FBR released its provisional revenue collection figures for the first seven months of the current year, showing a collection of Rs2570 billion net revenue during the July-January period, which has significantly exceeded the target of Rs2550 billion.

“This represents a growth of about 6.4% over the collection of Rs.2416 billion during the same period last year,” the tax collection body said.

The net collection for the month of January was Rs364 billion against a target of Rs340 billion, representing an increase of 12.3 percent over last January and 107 percent of the target. “This is the first double-digit monthly growth during the fiscal year,” said the FBR.

On the other hand, the tax body said that the gross collections increased from Rs.2464 billion to Rs.2699 billion, showing an increase of nearly 10 percent.

“The amount of refunds was Rs.129 billion compared to Rs.69 billion paid last year, showing an increase of 87 percent,” it said adding that this was reflective of FBR’s resolve to fast-track refunds to prevent liquidity issues of the industry.