FBR surpasses July tax collection target by Rs71bn

ISLAMABAD: The Federal Board of Revenue (FBR) collected net revenue of Rs413 billion in the first month of the fiscal year 2021-22, showing about 36 per cent growth over the collection of Rs303bn during last year’s corresponding period.

According to provisional data, July’s tax collection surpassed the target of Rs342bn by Rs71bn.

The FBR said it disbursed refunds amounting to Rs20bn compared to Rs15.7bn paid last year, showing an increase of 26.6pc. “This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry despite facing the challenge of fourth wave of COVID-19,” it pointed out.

Income tax returns for tax year-2020 reached 3.53 million compared to 2.72 million in tax year-2019, showing an increase of 30pc.

Also Read: PM KHAN COMMENDS FBR ON RECORD TAX COLLECTION OF RS410B IN JULY

The tax deposited with returns was Rs51bn compared to Rs33bn last year, showing an increase of 54pc.

The tax collecting body said 11,744 point of sale terminals have been integrated with real time reporting system of FBR.

Pakistan Customs collected Rs67 billion under the head of customs duty during July 2021 whereas during the month of July last year, an amount of Rs49 billion was collected, which showed growth of 37pc.

During July 2021, smuggled goods worth Rs3.6 bn have been seized.