FBR collection rises 29% to Rs4,382bn in eight months

ISLAMABAD: The Federal Board of Revenue (FBR) collected record revenue of Rs4,382 billion during the first eight months (Jul-March) of the ongoing fiscal year.

According to provisional tax collection data, the revenue collected during July-March of the fiscal year 2021-22 exceeded the set target of Rs4,134 billion, showing growth of about 29.1% over Rs3,394 billion collected during last year’s same period.

The net collection for the month of March, 2022 clocked in at Rs575 billion showing an increase of 20.5% over Rs477 billion collected in March, 2021.

On the other hand, the gross collections increased from Rs3,577 billion during July-March of the current fiscal year to Rs4,611 billion, showing an increase of 28.9%.

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Likewise, the amount of refunds disbursed during March, 2022 was Rs.31.9 billion as compared to Rs.26.3 billion during March 2021, registering an increase of 21.3%. Similarly, refunds worth Rs229 billion have been disbursed during July-March, as against Rs183 billion paid last year, showing an increase of 25.0%.

“It is pertinent to mention that the ongoing unprecedented and constant growth trajectory in revenue collection has been achieved despite massive tax relief given by the government on various essential items to common man,” the FBR said in a statement.

“For the first time ever in the country’s history, Sales Tax on all POL products has been reduced to zero which cost FBR Rs. 45 Billion in March, 2022,” it added.