SOHAIL SARFRAZ

ISLAMABAD: The revenue collection of the Federal Board of Revenue (FBR) has witnessed a handsome growth of 20 percent during July-November (2017-18) when compared with same period of the last fiscal year, whereas total refunds of Rs56 billion have been paid during this period of 2017-18.

According to sources, the collection during first five months of 2017-18 has shown growth of 20 percent as against growth of less than 8% in the previous year. All taxes and duties have shown a healthy growth during this period. The FBR has paid refunds of Rs56 billion during July-November (2017-18) as compared to Rs44 billion in the same period of 2016-17, reflecting an increase of Rs12 billion.

The growth of 20 percent in revenue collection is more than the required growth of 19.2% per month.

The comparative performance of FBR for the month of November 2017 with November 2016 revealed that the FBR has witnessed net growth of 25 percent. Breakup of collection revealed that the FBR has collected Rs100,016 million income tax during November 2017 as compared to Rs84,444 million in November 2016; Rs118,792 million sales tax against Rs102,754 million; Rs16,387 million Federal Excise Duty against Rs16,693 and collection of customs duty was Rs48,759 million against Rs37,085 million collected in November 2016.

The comparative performance of FBR for July-November (2017-18) with July-November 2016-17 revealed that the FBR has witnessed net growth of 20 percent. Breakup of collection revealed that the FBR has collected Rs479 billion income tax (gross) during July-Nov 2017-18 as compared to Rs418 billion in July-Nov 2016-17; Rs580 billion sales tax (gross) against Rs475 billion; Rs70 billion Federal Excise Duty (gross) against Rs63 billion and collection of customs duty was Rs230 billion (gross) against Rs178 billion.

Federal Board of Revenue (FBR) has provisionally collected Rs1,303 billion during the first five months (July-November 2017-18) as compared to Rs1,089 billion collected during the same period of 2016-17, reflecting an increase of 20 percent.

The FBR is confident that the overall collection for first five months (July-Nov) period will cross over 20 percent growth compared to the same period of the last financial year.