ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected net revenue of Rs2,314 billion during July-November (2021-22) against the assigned target of Rs2,016 billion, reflecting an increase of Rs298 billion.

The FBR has also registered historic growth in revenue collection of 36.5 percent during July-November (2021-22) against the same period of last fiscal year (2020-21).

The Federal Board of Revenue (FBR), Tuesday, released the provisional revenue collection figures for the months, July-November of the current financial year 2021-22.

Sources told Business Recorder that the taxes collected at the import stage contributed over 52 percent in the overall tax collection from imports during the first five months of 2021-22.

According to the provisional information, the FBR has collected net revenue of Rs2,314 billion during July-November of current financial year 2021-22, which has exceeded the target of Rs2,016 billion by Rs298 billion.

This represents a growth of about 36.5 percent over the collection of Rs1,695 billion during the same period last year.

While chasing the target of Rs408 billion fixed for the month, the net collection for the month of November 2021 realised Rs470 billion (Rs62 billion in excess of assigned monthly target) representing an increase of 35.2 percent over Rs348 billion collected in November 2020.

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 tax collection increased from Rs1,783 billion during July-November 2020 to Rs2,437 billion in the current financial year, showing an increase of 36.7 percent.

The amount of refunds disbursed was Rs123 billion during July-November (2021-22) compared to Rs88 billion paid corresponding period last fiscal year, showing an increase of 40.5 percent.

After collecting over Rs4.7 trillion and exceeding its assigned revenue targets set for tax year 2020-21, the FBR has successfully maintained the momentum set in July 2021.

Its tax collection posted historic high growth in first quarter of the current fiscal year.

During first four months (July-October), the FBR has far surpassed its revenue target by Rs233 billion.

This spectacular performance in first five months of the current financial year clearly shows that the FBR is well on its way to achieving the assigned target of Rs5,829 billion for the year despite, the daunting challenges, compelling constraints posed by the corona pandemic, and sporadic tax cuts announced by the government as relief and price stabilisation measures.—SOHAIL SARFRAZ