Tax Collection; FBR near to Target, Highest Monthly Growth in December

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ٰIslamabad: Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first six months of current year on Friday.
According to the provisional information, FBR has collected a net revenue of Rs.2204 billion, which is 99.7% of its half yearly target of Rs.2210 for the current Fiscal Year from July to December. It showed a growth of 5% over Rs. 2101 billion which was collected during the same period last year.
Income Tax collection for July to December stood at Rs. 816 billion, Sales Tax (Rs. 915 billion), Federal Excise Duty (Rs. 127 billion) and Customs Duty remained at Rs. 336 billion. Moreover, an additional Rs.10 billion has been collected from book adjustment. FBR expected that revenue collection from book adjustment would increase in coming days.
According to FBR, in the month of December, the total collection was Rs. 508 billion, 97.7% of the target (Rs. 520 billion) and a growth of 8.3%. In last December, Rs. 469 billion was collected. The increase of Rs. 39 billion is the highest monthly growth during Jul-Dec period.

The provisional figures showed that in the first six months of current Fiscal Year, FBR has issued Rs.102 billion refunds to tax payers, which was Rs.53 billion for the same period the last year. Under the Prime Minister’s Corona Relief Package, refunds of Rs. 42 billion have also been issued this year.
FBR data showed that 2.3 million taxpayers have filed their returns till 31st December compared to 2.17 million last year. Income Tax paid during filing of returns stood at Rs. 43.5 billion, while Rs.28 billion deposited last year. This shows an increased in tax deposit with returns of 55%.

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