The record PKR 489 billion collection exceeds the August target by a slim margin and represents a 9.15 percent growth from last August despite a 161 percent growth in refunds.
By Muhammad Ali
ISLAMABAD: The Federal Board of Revenue (FBR) says it collected a record PKR 489 billion in net revenue during August 2022, although it forked out a hefty PKR 37 billion in refunds.
This beats the month’s target of PKR 483 billion by PKR a modest 6 billion, and marks a 9.15 percent growth over the PKR 448 billion collection registered over the same period last year.
“According to the provisional information, FBR has collected net revenue of PKR 489 billion during August 2022, which has exceeded the target of PKR 483 billion against PKR 448 billion collected during the same period, last year”, an FBR spokesperson said in a statement here Wednesday.
These numbers are based on provisional revenue collection data for the month of August 2022, and would further improve after the book adjustments have been taken into account, the spokesperson said, adding that these collections are the highest ever in the month of August up until now.
“This outstanding revenue performance is a reflection of FBR’s resolve to build on its growth trajectory despite floods, zero rating on POL products, and import compression”, the statement said.
It said the gross collection increased from PKR 462 billion during August last year to PKR 526 billion, showing an increase of 14 percent.
The statement said: “Likewise, the amount of refunds disbursed during August was PKR 37 billion compared to PKR 14.3 billion paid last year, showing an increase of 161%. This is reflective of FBR’s strong commitment to fast-track refunds and thereby prevent liquidity shortages in the industry.
“The significant revenue increase in August is largely the outcome of various policy and revenue measures introduced by the government in Finance Act 2022. Unlike in the past, there is a visible focus on taxing the rich and affluent.
“Owing to this paradigm shift, the growth in domestic Income Tax is almost 38% which is a remarkable shift towards direct taxation. Likewise, there is a significant upsurge in Advance Tax collected during August, which is 72% increase from the corresponding period of the previous year.
“Provisional collection of Income Tax, Sales Tax, Federal Excise and Customs Duty were respectively PKR165 billion, PKR 218 billion, PKR24 billion and PKR 82 billion as against PKR124 billion, PKR 223 billion, PKR 23 billion and PKR77 billion during the corresponding period of the previous year.
“Total taxes collected during July and August stands at PKR948 billion against the target of PKR926 billion.”
Copyright © 2021 Independent Pakistan | All rights reserved
