FBR registers growth in revenue collection, tax returns filings

ISLAMABAD: Federal Board of Revenue has reported to have displayed satisfactory performance in the fifth consecutive month of the current financial year showing a increase in revenue growth and tax returns.

FBR achieved provisional net revenue collection of over Rs. 270 billion for the month of November, 2017, an increase of around 24 percent collected during the corresponding month of last fiscal year.

Refunds during this month were Rs 13 billion. The total provisional net revenue collection for the first five months of the fiscal year was recorded as Rs. 1302 billion, showing an increase of around 19.55 percent over the net revenue collected during the same period last fiscal year.

During fiscal year 2016-17, the collection for the first five months stood at Rs 1089 billion, while the target for the year has been fixed with an annual increase of 19.2 percent over the previous year.

FBR has also registered substantial growth in the number of tax returns received for year 2017 till November 30 as compared to the corresponding period in the previous year.

There were only 746,022 tax returns received till November 30 last year, while there were total 991,187 returns till Thursday evening, showing a substantial increase of around 33 percent during the same period of previous fiscal year.