Provisional collection stands at Rs4.732trn
RECORDER REPORT
ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected net revenue of Rs4,732 billion during Jul-June (2020-21) against the target of Rs4,691 billion, reflecting an increase of Rs41 billion.
The FBR, Thursday night, released the provisional revenue collection figures for the fiscal year 2020-21.
According to the provisional information, the FBR has collected net revenue of Rs4,732 billion during Jul-June period, which has exceeded the target of Rs4,691 billion by Rs41 billion.
This represents a growth of about 18 percent over the collection of Rs3,997 billion during the same period last year.
The net collection for the month of June was Rs568 billion representing an increase of 26 percent over Rs451 billion collected in June 2020.
The year-on-year growth of 18 percent is unprecedented particularly as it is realised on the heel of 26 percent growth in June.
These figures would further improve before the close of the day and after book adjustments have been taken into account.
On the other hand, the gross collections increased from Rs4,132 billion during this period last year to Rs4,983 billion, showing an increase of 21 percent.
The amount of refunds disbursed was Rs251 billion compared to Rs135 billion paid last year, showing an increase of 86 percent.
This is reflective of the FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry.
The improved revenue performance is even more significant due to adoption of “no-undue” advances policy as well as effective enforcement by field formations.
It is also a reflection of growing economic activities in the country, despite facing the challenge of third wave of the Covid-19.
Meanwhile, the FBR’s efforts to broaden the tax base are expending apace.
Early signs suggest such efforts are bearing fruits.
As on 30-6-2021, income tax returns for tax year 2020 have reached 3.01 million compared to 2.67 million in tax year 2019, showing an increase of 12.5 percent.
The tax deposited with returns was Rs52 billion compared to only Rs34.3 billion last year, showing an increase of 52.1 percent.
According to the information released by the FBR, 11,100 point-of-sale terminals have been integrated with real-time reporting system of the FBR.
Pakistan Customs has collected Rs742 billion under the head of customs duty in FY 2020-21 against the assigned target of Rs640 billion and exceeded its target by Rs102 billion, which is 16 percent more than the assigned target.
Whereas during the month of June 2021, an amount of Rs83 billion has been collected under the head of customs duty against the monthly target of Rs75 billion, which is again 12 percent more than the assigned monthly target.
It is quite important to mention that an amount of Rs117 billion was collected more under the head of customs duty in the financial year 2020-21 as compared to FY 2019-20, despite, the re-arrival of the COVID-19 pandemic and has shown a growth of 18 percent as compared to previous financial year, which is quite remarkable. During June 2021, smuggled goods worth Rs3.7 billion have been seized.
Similarly, during July 2020-June 2021, smuggled goods worth Rs57.7 billion have been seized as compared to Rs36 billion in Jul 2019-June 2020, thus, showing an increase of 58 percent.
Directorate General of Intelligence and Investigation-IR showed commendable performance during July 2020 to June 2021.
